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IBM revealed a sophisticated bank funds transfer scheme that uses a mixture of phishing, malware and phone calls to appropriate large sums of money from U.S. companies. However, credit unions appear to be unaffected for now.

“The Dyre Wolf” scheme utilizes Dyre, or Dyreza, malware to target corporate banking accounts. In addition to using “one of the most effective banking Trojans active in the wild because of its feature-rich capability,” the Eastern European gang of cyber criminals apparently has the type of expertise and backing to steal “upwards of a million dollars from unsuspecting companies,” IBM Security Services said in a report posted on its website.

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Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).

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