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Fraudulent Electronic Funds Transfers (EFTs)

The Federal Deposit Insurance Corporation (FDIC) is alerting customers to increased reports of fraudulent EFT transactions resulting from compromised login credentials. Over the past year, the FDIC has detected an increase in the number of reports and the amount of losses resulting from unauthorized EFTs, such as automated clearing house (ACH) and wire transfers. In most of these cases, the fraudulent transfers were made from business customers whose online business banking software credentials were compromised.

Web-based commercial EFT origination applications are being targeted by malicious software, including Trojan horse programs, key loggers and other spoofing techniques, designed to circumvent online authentication methods. Illicitly obtained credentials can be used to initiate fraudulent ACH transactions and wire transfers, and take over commercial accounts. These types of malicious code, or “crimeware,” can infect business customers’ computers when the customer is visiting a Web site or opening an e-mail attachment. Some types of crimeware are difficult to detect because of how they are installed and because they can lie dormant until the targeted online banking session login is initiated. These attacks could result in monetary losses to business customers if not detected quickly.

Consumers who want to learn more about computer security and online scams can find additional information at http://www.fdic.gov/consumers/consumer/guard/index.html and http://www.onguardonline.gov/topics/overview.aspx.

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