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Cyber-Scammers Steal €50 Million From Austrian Airplane Manufacturer (softpedia.com)
An anonymous reader writes: FACC Operations GmbH, an Austrian company that produces various airplane parts for companies like Airbus and Boeing, has announced a cyber-incident during which cyber-fraudsters managed to steal around €50 million from their bank accounts. While CEO Fraud attacks manage to steal a few thousand dollars here and there, never has a company lost so much cash liquidity in one incident. Stock price took a tumble immediately.
Something tells me it was an inside job and they just blamed it on a hack. Seems like a great way to get away with snagging 54+ million dollars and getting away with it.
never has a company lost so much cash liquidity in one incident.
I raise the maximum to 70 million euro: http://www.brusselstimes.com/belgium/4944/belgian-bank-crelan-hit-by-a-70-million-eur-fraud (in the mean time it was leaked that the fraud was performed by impersonating a mail from a director).
The king of Nigeria needs Airplanes. Good Sir, he cannot wait. Send $50 million now and we will facilitate his request on your behalf.
If there is a due process, this would almost never happen. For amounts there needs to be a process of autentification.
What might happen often is that a CxO is such an ass that people are afraid to folow the standard procedure and will do the transfer as requested in an email, because otherwise they get chewed at for not folowing his orders.
Very few people will dare to say no to such a boss. I once was in a situation where the CxO asked to do certain changes on a website. I said no.
The reason I said no was because I knew he wanted to push certain things. I knew what he was asking would hurt the company legally and thus financially. I said no, even if it was WAY above my paygrade to do so.
Obviously I ,ailed AND called other people to inform them about my desision and the reason. Yes, my job was at risk and I could have easily just followed orders. I know the majority of people would have done so.
Yes, there was a shitstorm and that was fun to watch.
The company I work now has insited repeatately that ALL procedures must be followed to avaid things like what happend and ALL suspisious mails must be reported.
This goes for EVERYBODY, especially people that are higher up. Not also, but especially.
Don't fight for your country, if your country does not fight for you.
our financial 'heros'? spiritlessness is contagious? compounding needs... doesn't fill any....
FACC Operations GmbH has announced a cyber-incident during which cyber-fraudsters managed to steal around €50 million from their bank accounts.
Don't you mean they cyber-stole €50 cyber-million from their cyber-bank cyber-accounts?
Please cyber-mod my cyber-comment if you enjoyed reading it on your cyber-computer.
systemd is Roko's Basilisk.
> While CEO Fraud attacks manage to steal a few thousand dollars here and there, never has a company lost so much cash liquidity in one incident.
You don't get out much, do you? Put down Slashdot, go pick up a paper copy of the Wall Street Journal, and start the stock fraud drinking game. Then take a look at Donald Trump's fascinating fiscal career for frauds and ripoffs of his investors^H^H^H suckers on a scale that beggars most nerd's imagination.
They are only transferring 50 mill no need to call anyone or anything its cool.
"I must have put a decimal point in the wrong place or something. Shit! I always do that! I always mess up some mundane detail!"
Please stand clear of the doors, por favor mantenganse alejado de las puertas
Who is he? Is he like General Failure or Captain Crunch? And what kind of attack does he do? Is it common knowledge so that you can just put that weird phrase in the middle of a headline and everyone will understand?
'The company published a note about the incident on January 19, saying it was "a victim of a crime act using communication and information technologies."'
The referenced article doesn't state that 'cyber-fraudsters managed to steal around €50 million from their bank accounts', it states that 'the total damages ... revolved around €50 million / $54 million'. Tom Draper, technology and cyber-practice leader at Arthur J. Gallagher, said damages of 50 million euros seem high. “I can’t see how you can spend that much,” he said, adding that FACC might be factoring in future intelligence-technology upgrades or canceled contracts.
a fax machine?
Young whippersnappers, all instant gratification and me me me me all the time. No patience, no hard work, nothing. In our days we stole fractions of pennies in each transaction to add up to 50 million $. Bah.. now get off my lawn.
sed -e 's/Chuck Norris/Rajnikant/g' joke > fact
The Belgian bank "Crelan" lost 70 million euro last week in a CEO fraud scam. The bank refuses to comment on the case but according to judicial sources scammers used social engineering to determine who was responsible for financial services and send them an e-mail claiming to be the big boss demanding an urgent bank tranfser and to be very discrete about it because government fiscal controllers where coming.
https://www.reddit.com/r/SocialEngineering/comments/41v5td/belgian_bank_lost_70_million_euros_in_fraud_case/
This is exactly what happens when you treat security like something you only need to get those pesky government regulators off your back and that fancy certificate for your wall so some other company gives you a contract (who doesn't know jack about security either and replaces that lack of knowledge by requiring "something security-relevant" from you, as some kind of surrogate-security).
Finally it hurt them.
What likely happened was a faked email from a bigwig who needed immediately some money transferred, and a finance goon who didn't know jack about email impersonation. Anyone here who does NOT know the solution for this problem immediately? No, didn't think so.
Let's hope that 50 mil damage is enough to get some CEOs to ponder whether they might want to consider thinking about having more for security than an afterthought.
We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
Why pretend it is "cybercrime" rather than embezzlement? Because cyber crime makes you look less like a dumb-ass. I couldn't help it, it was those hackers that did it! Rather than "I am a incompetent fool that trusts people because their aunt told me he was a good buy."
excitingthingstodo.blogspot.com
Some guy in Nigeria: Finally!
(-1: Post disagrees with my already-settled worldview) is not a valid mod option.