NC Fuel Distributor Hit by $800,000 Cyberheist
Summary: A fuel distributor in Mooresville, North Carolina, J.T. Alexander & Son Inc., lost more than $800,000 over five days beginning May 1, when thieves sent ACH payment batches in sub-$5,000 and sub-$10,000 chunks from its payroll account to more than 60 money mules recruited through work-at-home job scams. The company, which has 15 employees and normally runs payroll batches of about $30,000, learned of the theft from a reporter after neither it nor its bank, Peoples Bancorp of North Carolina, detected the activity for five days.
Bottom line: The company's EMC cyber fraud coverage is far less than the loss, and liability in these heists typically falls on the victim - here, more than a year's worth of salaries moved out in five days through the payroll account.
Read the original at Krebs on Security ↗
- Topics
- Data Breaches
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