recommended reading

Threatwatch

Don’t wire money by email in the Cayman Islands?

Stolen credentials; User accounts compromised

Crooks are obtaining the bank account credentials of customers in the territory by hacking their personal email, and then emailing fraudulent transfer instructions to local financial institutions from the victims’ addresses.

Now the Cayman Islands Financial Crime Unit “does not recommend sending banking details via email,” a unit spokesperson said. “A telephone call to the bank could save hundreds of thousands of dollars and heartache in the long run.”

So far, hundreds of thousands of dollars have been illegally wired from the islands to the United States, Hong Kong, Singapore, Malaysia, Denmark and other jurisdictions.

“By the time attempts are made to recall the fraudulent wires, the funds have been collected and it is too late,” Cayman News Service reports.

The directions look authentic because the hackers not only are stealing bank account details, but also email addresses and passwords.

“The on-line scammers have used legitimate wire instructions sent by the victims to respective banks via email. Hacking into that electronic correspondence, the internet crooks have got the account numbers, bank balances, scanned signatures and other confidential information,” the news service reports. 

ThreatWatch is a regularly updated catalog of data breaches successfully striking every sector of the globe, as reported by journalists, researchers and the victims themselves.

sector

Financial Services

reported

October 17, 2013

reported by

Cayman News Service

number affected

Unknown

location of breach

Cayman Islands

perpetrators

Unknown

location of perpetrators

Unknown

date breach occurred

Unknown

date breach detected

2013

Thank you for subscribing to newsletters from Nextgov.com.
We think these reports might interest you:

  • It’s Time for the Federal Government to Embrace Wireless and Mobility

    The United States has turned a corner on the adoption of mobile phones, tablets and other smart devices, outpacing traditional desktop and laptop sales by a wide margin. This issue brief discusses the state of wireless and mobility in federal government and outlines why now is the time to embrace these technologies in government.

    Download
  • Featured Content from RSA Conference: Dissed by NIST

    Learn more about the latest draft of the U.S. National Institute of Standards and Technology guidance document on authentication and lifecycle management.

    Download
  • A New Security Architecture for Federal Networks

    Federal government networks are under constant attack, and the number of those attacks is increasing. This issue brief discusses today's threats and a new model for the future.

    Download
  • Going Agile:Revolutionizing Federal Digital Services Delivery

    Here’s one indication that times have changed: Harriet Tubman is going to be the next face of the twenty dollar bill. Another sign of change? The way in which the federal government arrived at that decision.

    Download
  • Software-Defined Networking

    So many demands are being placed on federal information technology networks, which must handle vast amounts of data, accommodate voice and video, and cope with a multitude of highly connected devices while keeping government information secure from cyber threats. This issue brief discusses the state of SDN in the federal government and the path forward.

    Download
  • The New IP: Moving Government Agencies Toward the Network of The Future

    Federal IT managers are looking to modernize legacy network infrastructures that are taxed by growing demands from mobile devices, video, vast amounts of data, and more. This issue brief discusses the federal government network landscape, as well as market, financial force drivers for network modernization.

    Download

When you download a report, your information may be shared with the underwriters of that document.