This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/03/16/an-overview-of-cyber-risks/
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by Bart McDonough, CEO and founder of Agio, and author of “Cyber Smart: Five Habits to Protect Your Family, Money, and Identity from Cyber Criminals“
William and Nancy Skog had cherry-picked an impeccable, perfect, river-front residence in Wilmington, Illinois. Exhilarated by the thought of moving into their dream home, the Skogs could practically see their new lives — watching the tranquil riverboats cruise by and listening to the water birds sing. There was one final step needed to finalize their purchase — wire $307,000 in closing costs to their real estate attorneys. Having received an email with payment instructions sent from what looked like a legal assistant at the firm, William and Nancy wired over their entire life savings — $307,000. Their new life was about to begin. Days later, however, the couple sat across from their lawyer at the closing table and learned their payment never arrived. The Skogs immediately panicked. If their attorneys didn’t get the money, who did?
Let’s take a closer look at the details of the wire transfer scam. All $307,000 of the Skogs’ hard-earned cash had vanished without a trace. Fraudsters, impersonating their real estate attorneys, had pocketed the entire wire transfer. Almost everything in the closing cost email the Skogs had received looked genuine. The email signatures appeared authentic (because the bad actor copied and pasted the real one), the file attachment had the attorney’s actual letterhead, and the details of the real estate transaction were accurate.
How could a bad actor obtain all of this information? A variety of attack methods and vectors could have been used: including compromising one or more email accounts of those involved in the transaction, pretending to be a prospective client and em… Read More
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