A fast growing electronic crime where thieves typically use some form of malware to obtain login credentials to Corporate Online Banking accounts and fraudulently transfer funds from the account(s).
Malware, short for malicious software, is software designed to infiltrate a computer system without the owner’s informed consent. Malware includes computer viruses, worms, trojan horses, spyware, dishonest adware, crime ware, most rootkits, and other malicious and unwanted software.
Domestic and International Wire Transfers, Business-to-Business ACH payments, Online Bill Pay, Electronic payroll payments have all been used to commit this crime.
Criminals target victims by scams. Victim unknowingly installs software by clicking on a link or visiting an infected Internet site. Fraudsters begin monitoring the accounts when victims log onto their Online Banking. Fraudsters collect login credentials and wait for the right time and then depending on your controls – they login after hours or if you are utilizing a token they wait until you enter your code and then they hijack the session and send you a message that Online Banking is temporarily unavailable.