Article Summary on Hackers
Hacking is now a big threat towards the security of personal information in the cloud and many accounts such as emails and banks. Recently, hackers have been able to trick private firms in Britain into sending them millions of monies. Before it could be realized, they had accumulated a total of $1.3 million. The hackers had already gained access to around $700,000 before being stopped, and only the remaining money was retrieved. The hacking team behind this is named ‘The Florentine Banker,’ and they have been in action for several years and are considered enemies. The hackers mainly target the construction, legal, manufacturing, and finance sectors that are located in Canada, Germany, the US, Italy, and many others.
How They Do It
They begin by sending phishing emails to individuals with power in the organizations they target. This gives them access to the details of the company and the nature of the organization’s business. The outlook mailbox is then altered in that new rules are created, and relevant emails are put in a different folder. They make sure that this folder is the most unused by the target individual. They can also send emails on behalf of the target individual through a look-alike domain that they create. This domain is a replica of the legitimate one and can perform like the legitimate one. If at all there was communication between organizations, the hackers would receive the email and edit out before sending it to the receiver. They have gained access to every communication in and out of the email account. When editing, they input their bank account details so that when money is deposited, it goes into their accounts (Ravie, 2020).
The FBI has sounded a warning against these attacks on big businesses. A group named ‘SilverTerrier’ that is based in Nigeria has been confirmed to have made an average of 92,739 attacks each month if 2019. The Federal Bureau of Investigation (FBI) reported a total of 23,775 complaints that were related to Business Email Compromise (BEC). These complaints totalled up to a loss of over $1.7 billion. The FBI warned that these criminals look for financial transaction evidence in the weakened email accounts, enable messages to automatically forward to their lookalike email accounts, and activate the automatic deletion of the messages from their target’s accounts.
Businesses are being warned that the hackers might take advantage of the ongoing global pandemic to strike attacks into securing the funds meant to curb the coronavirus pandemic. To avoid such attacks, business email accounts need to have a two-factor system of authentication to have their accounts secured. They also need to make sure that before a transaction is made, the details are confirmed via a phone call to prevent them from sending to the hacker’s accounts. Business firms also need to educate all their employees and make them aware of such threats.
The business administrators, on their part, need to make sure that they add email banners to messages that are from an outside source, make sure that no emails are to be forwarded to external addresses. They should ensure that they change their mailbox log in details every 90 days. When you feel like you are a victim of these attacks, make sure to immediately contact your financial institution so that the funds can be reversed. The attempted crimes can then be reported to the online Internet Crime Complaint Center or a nearby FBI office. The FBI, together with the financial institution, may be able to reverse the money that might have been sent to the hackers (Investigation, 2020).
Investigation, F. B. (2020). Public Service Announcement. Retrieved from Cyber criminals conduct business email compromise through exploitation of cloud based email services, costing us business more than $2 billion: https://www.ic3.gov/media/2020/200406.aspx
Ravie, L. (2020). The Hacker News. Retrieved from Hackers Trick 3 British Private Equity Firms Into Sending Them $1.3 Million: https://thehackernews.com/2020/04/bec-scam-wire-tranfer-money.html?web_view=true&m=1