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Spoofing the Boss for $315,000.. almost

Krebs On security posted an excellent article highlighting the results of socially engineered scams.  The blog discusses “CEO fraud,” and the “business email compromise,” that is increasingly common in targeting a specific businesses working with foreign suppliers businesses that do regular wire transfers.  The FBI warned in January that cyber thieves stole nearly $215 million from businesses in the previous 14 months through these scams, activated by the hijack of  email accounts of business executives.

In one example quoted, the Scoular Company, an employee-owned commodities trader lost $17.2m when they wired money in installments last summer to a bank in China after receiving emails ordering it to do so.