August 7, 2019
The American Bankers’ Association is asking all banks to advise their customers to be alert for “Money Mule” attacks - funds-transfer fraud that most recently has involved exploiting the valid online banking credentials of small- and medium-sized businesses. In a typical scenario, the targeted entity (small- or medium-sized business) receives a “spear fishing” e-mail which either contains an infected attachment, or directs the recipient (small- or medium-sized business) to an infected website.
When recipients open the attachment or visit the website, malware is installed on their computer that harvests their business or corporate bank account log-in information. The victims in this scheme are called “money mules” because they simply serve as a conduit between the business bank account and the hacker’s bank account. In most cases, the funds disappear into a foreign bank account too quickly for the cyber-theft trail to be detected.
Do not open e-mails or e-mail attachments from sources unknown to you or your business. It is in your best interest to delete them immediately. Be very cautious if an e-mail from an unknown source directs you to a website, as these websites are often infected and can contain malware.
