How European Cyber-Gangs Target Small and Mid-Sized Businesses

Brian Krebs, a Washington Post writer, reports that The Financial Services Information Sharing and Analysis Center, an industry group created to share data about threats to the financial sector, received alerts that European Cyber-Gangs set off a multi-million dollar crime wave by stealing from small and mid-sized U.S. companies. Until six months ago, cyber-gangs weren't noticed because the businesses were small and mid-sized.

Significant increases in funds transfers involved the exploitation of valid banking credentials belonging to these businesses. Cyber-gangs sent emails to controller or treasurers with a message that contained malicious software designed to steal passwords. They then used the passwords to send wire transfers in increments of less than $10,000 to avoid banks' anti-money-laundering reporting requirements. More than 100 billion spam messages are sent out each day by zombie computers.

Cyber-gangs are cashing in because of the economic downturn. Americans are turning to the Internet to look for jobs. The cybercriminals advertise jobs on the internet. Unsuspecting people accept these job. However, their real job is being a "money-mule" who launders stolen funds. They steal customer account information, set up fraudulent bank accounts, make unauthorized, and wire the money to the crooks.

Mules are a necessary part of cybercrime operations as monies transferred to a criminal's account is easily traced by banks and law enforcement. Since it is the mules who are laundering the monies, they get caught and convicted, not the cyber-kingpins as there is a significant lack of training and understanding in digital forensics, evidence collection as well as in the law courts.

The FBI is working on the problem. Shawn Henry of the FBI Cyber Crime Unit calls cybercrime "the most critical threat to our way of life other than weapons of mass destruction." The greatest challenge in the battle for winning the war on cybercrime is keeping up with the sheer volume of attacks. Hackers find new ways of getting around safeguards put in place. Therefore, it is very important to have multiple layers of defense to protect yourself from cybercriminals.

Check List to Survive on the Internet:

1. Professional Grade Software that bypasses the Windows Operating System.
2. Daily scans that detect and remove malware before it harms your computer.
3. A combination of anti-virus+anti-spyware.
4. Anti-rootkit technology that keeps hackers out of the back of your computer.
5. A monitored firewall.
6. A team of techs to keep your computer clean and running well.

Computer security is essential to survive on the Internet. Search for the best, but having a team of techs along with great software is the best protection from cyber-gangs.