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FBI Investigates Cyber Fraud That Put Businesses Out of $85 Million

Cases typically involved keylogging malware that ended up with money transferred overseas.

By Natasha Chilingerian | Updated on September 19, 2011

The FBI’s Cyber Division is looking into more than 400 reported cases of corporate account takeovers, Cyber Division Assistant Director Gordon Snow told the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit in Sep. 14 testimony.

The cases involve unauthorized ACH and wire transfers from the bank accounts of U.S. businesses, which typically began with phishing e-mails sent to employees within targeted companies, who unknowingly installed malware by opening attachments or links, Snow said in the testimony.

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Natasha Chilingerian

Natasha Chilingerian

Natasha Chilingerian has worked in the credit union space for over a decade. She joined CU Times as managing editor in 2015 and was promoted to executive editor in 2019. Before that, she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union) in Los Angeles from 2013-2015, and as a CU Times freelancer from 2011-2013. She has been a professional writer and editor for more than 17 years, specializing in news and lifestyle journalism as well as marketing copywriting for companies in the finance and technology space.

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