FBI: Attackers are Intercepting Direct Deposits

My mother is now retired, but she worked in HR and payroll for decades, sometimes for banks. Based on her stories, I have an understanding of how handing out or snail-mailing physical checks can be inconvenient from both a payer’s and a payee’s perspective. Many workplaces even used to have to deploy someone to walk around the office or an industrial facility on payday to hand a check to each employee.

Mailing checks adds the potential of the post office making a mistake, and of having to use more secure envelopes that adequately conceal the content. Keeping everything within the digital banking system reduces paper waste and makes everything more efficient, and I really like how most employees get paid via direct deposit these days. I work for a handful of different companies which pay me by sending funds directly to my bank account.

But of course, when something is digitized there’s also the possibility of cyberattack. The FBI recently released a warning of one particular attack that they’ve observed which has intercepted some people’s direct deposits.

If you smell phishing, you’re right! From the FBI Internet Crime Complaint Center:

“Cybercriminals target employees through phishing emails designed to capture an employee’s login credentials. Once the cybercriminal has obtained an employee’s credentials, the credentials are used to access the employee’s payroll account in order to change their bank account information. Rules are added by the cybercriminal to the employee’s account preventing the employee from receiving alerts regarding direct deposit changes. Direct deposits are then changed and redirected to an account controlled by the cybercriminal, which is often a prepaid card.”

The FBI has seen a significant increase in payroll scams in recent years. They saw 17 different scams in the entirety of 2017, but a whopping 47 scams from (Read more...)

*** This is a Security Bloggers Network syndicated blog from Cylance Blog authored by Kim Crawley. Read the original post at: https://threatmatrix.cylance.com/en_us/home/fbi-attackers-are-intercepting-direct-deposits.html