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August 9, 2015 06:00 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/HzwOwXb5b1c/tech-firm-ubiquiti-suffers-46m-cyberheist
Tech Firm Ubiquiti Suffers $46M Cyberheist
An anonymous reader writes: Brian Krebs reports that Ubiquiti Networks, known for their wireless networking hardware, has lost $46.7 million to a scam in which thieves were able to impersonate employees and initiate fraudulent wire transfers. Ubiquiti was able to recover only $8.1 million of the amounts transferred, and an additional $6.8 million is subject to legal injunction. Krebs explains, "Known variously as 'CEO fraud,' and the 'business email compromise,' the swindle that hit Ubiquiti is a sophisticated and increasingly common one targeting businesses working with foreign suppliers and/or businesses that regularly perform wire transfer payments. ... CEO fraud usually begins with the thieves either phishing an executive and gaining access to that individual’s inbox, or emailing employees from a look-alike domain name that is one or two letters off from the target company’s true domain name." The theft was disclosed in Ubiquiti's quarterly financial report.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/HzwOwXb5b1c/tech-firm-ubiquiti-suffers-46m-cyberheist
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