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Chinese Scammers Take Mattel To the Bank, Phishing Them For $3 Million (www.cbc.ca)
itwbennett quotes a report from The Associated Press: Mattel, the popular toy maker behind Barbie and Hot Wheels, was the victim of a phishing attack last year that nearly cost them $3 million. On April 30, 2015, a Mattel finance executive got a note from the new CEO, Christopher Sinclair, requesting a new vendor payment to China. Transfers required approval from two high-ranking managers; the finance exec qualified and so did the CEO. The transfer was made. The only thing preventing a total loss was the fact that the following day was a bank holiday. Details of the attack against Mattel come from a report by the Associated Press, investigating money laundering and other financial crime in Wenzhou, China.
When your mindset is based around US-style ACH bank payment, it's confusing that this isn't a reversible thing. I've had the experience of being overpaid several times, and the company just reverses the transfer. I guess wire transfers are just like handing a bag of cash over to the recipient?
This is an interesting story - I guarantee there are people in the company I work for who would happily fall for something like this and be in a position to approve a transaction of that size.
A simple phone call to the CEO would have confirmed the request was legitimate. But I'll bet the execs all got a bonus anyway that year.
. . . .that the "finance executive" is no longer employed by Mattel ?? I note that in all the reports, this executive is carefully not named. . .
It's like Slashdot hasn't changed at all since the new Backslash guy or whatever his nick was took over. We're still getting all the duplicate stories and just plain wrong news. Sigh.
Shutting down free speech with violence isn't fighting fascism. It IS fascism!
nearly cost them $3 million
cost them nearly $3 million
So do these two mean the same thing?
I feel like in the second case they lost the money, in the first they came close but did not.
If you read the article that is precisely what happened. The Chinese bank froze the funds, and then reversed the transaction.
There are cases where someone can get screwed out of this happening, but when action is taken quickly it usually can be reversed since everything is tracked.
The first wave of people to immigrate are the people seeking education.
The Puritans came to America not to escape from religious persecution in Europe but to learn how to grow corn from the Native Americans?
Nah, they went cos they weren't allowed to religiously persecute others.
I guess wire transfers are just like handing a bag of cash over to the recipient?
It's a bit more nuanced that that but it's not far from the truth. If you send a wire transfer you may as well be handing the other party that amount of cash. It's not without utility but it definitely carries significant counterparty risk.
Nobody expects the Spanish Inquisition!
And it wasn't until the Crusades where things got ugly, right? It's not like we were trying to tame/convert the savages who ruled the land before us, right?
China isn't just any country. This isn't Romania. There are tons of controls on international transactions. Otherwise there would be a giant sucking sound for a month or two and China would be empty of funds.
No it wouldn't. China has huge currency reserves to combat currency speculation. While it's not impossible, it would be pretty difficult to drain China of cash.
This is why property is always super-hot in China and prices everyone out of the market - there's really nowhere else to invest money.
That's simply not true at all. Property is hot in China because they have 20% of the world's population and their economy is growing like crazy. There are other factors in play (including the banks) but the main driver is simply demand from an increasingly prosperous populace which couldn't own land until fairly recently.
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And torment the Quakers.
The first wave of people to immigrate are the people seeking education.
The Puritans came to America not to escape from religious persecution in Europe but to learn how to grow corn from the Native Americans?
Keep in mind that those who came to free themselves from "religious persecution" mostly did so because their religious practices were illegal in other countries. If you put that bit of knowledge together with some of the text of "The Scarlet Letter" and the famous "Salem Witch trials", it becomes clear some seeking "religious freedom" were seeking freedom to persecute and dominate the lives of others in ways that other countries found repulsive.
We still carry on this idea that a religion should be forced upon others. It starts with missionaries, calls to employ politicians based on their church orientation, and ends with legalizing a church's morality.
I personally think it is shameful that we make such a big to-do about the middle east's mixing of religion and politics when we are doing so little to keep the separated. Our founding fathers had more concern for separating church and state than we do. It is embarrassing that we put down countries that have managed to entwine the two to a greater degree than we have, while we are working our hardest to be them.
Having worked there in the early 90s, I can tell you that the place runs more like Fairchild Semiconductor than Apple. RHIP and the left hand doesn't know what the right hand is doing.
Im sure the Taliban feel like fleeing their religious "persecution" too.
Face it, the US was settled by religious fanatic lunatics, which explains why America is so bat shit crazy even to this day.
Keep in mind that those who came to free themselves from "religious persecution" mostly did so because their religious practices were illegal in other countries.
Duh. That's sort of the definition of "religious persecution".
If you put that bit of knowledge together with some of the text of "The Scarlet Letter" and the famous "Salem Witch trials", it becomes clear some seeking "religious freedom" were seeking freedom to persecute and dominate the lives of others in ways that other countries found repulsive.
This is utter nonsense. The Puritans weren't being persecuted in England and the Netherlands for "persecuting and dominating the lives of others."
I personally think it is shameful that we make such a big to-do about the middle east's mixing of religion and politics when we are doing so little to keep the separated. Our founding fathers had more concern for separating church and state than we do.
"Separation of church and state" is about the separation of two organizations. The founding fathers didn't believe in keeping religiously-derived moral principles out of the law. For examples of what they opposed, look to Europe, where so many nations still have established or state churches.
I assumed that the hero had managed to dramatically yank out the plug before the progress bar got to the end.
Confucius say, "Find worm in apple - bad. Find half a worm - worse."
They called it "maize", but we corrected them with our boomsticks.
And in Australia, the criminals were first...
Peter predicted that you would "deliberately forget" creation 2000 years ago...