eBanking Theft Costs Town of Eliot, Me. $28k
Summary: Organized cyber thieves stole more than $28,000 from the Town of Eliot, Maine, in July 2011 after a money mule flagged a nearly $5,000 transfer to individuals in Ukraine that named the town as the client. A forensic analysis by a local IT firm found the town controller's PC was infected with at least two banking Trojans at the time of the heist, and TD Bank required only a user name, password, and at least one challenge question to log in.
What's compelling: Unlike consumers, organizations are not protected against online banking losses from cyber fraud, so the town is not likely to see the stolen money again. Banking regulators' new guidelines state that challenge questions are not adequate for corporate accounts, but examiners will not start measuring conformance until January 2012.
Read the original at Krebs on Security ↗
- Topics
- Fraud & Scams
- Related
- ArcticRAT Cybercrime Gang Profiles Victim Finances With AI Cyber Risks · Nov 13, 2026Three People Arrested for AI-Enhanced Impersonation Fraud Cyber Risks · Nov 11, 2026Medicare scam calls, texts and ads: What to watch for this Open Enrollment Cyber Risks · Oct 14, 2026