An online banking scam that uses a virus to compromise banking customers' security credentials and wire money from their accounts has stolen $47 million from 30,000 customers at 30 banks in Germany, Holland, Italy and Spain, according to Network World. The scam was reported by two security vendors, Check Point Software Technologies and Versafe, who dubbed it "Eurograbber."
The scam affected both commercial and retail banking customers, transferring from 500 euros to 250,000 euros ($654 to $326,773) out of their accounts. The security firms note that Eurograbber was able to work around security measures involving a transaction authentication number (TAN) sent to the customer's mobile device.
Continue Reading for Free
Register and gain access to:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
