Join the Community

21,805
Expert opinions
43,921
Total members
442
New members (last 30 days)
201
New opinions (last 30 days)
28,632
Total comments

University loses nearly 1 million dollars to malware

1 comment

Thieves appear to have stolen the funds from University of Virginia after compromising a computer belonging to the University's Financial Controller. Malware intercepted the Online Banking Credentials for the University's Bank accounts and initiated a fraudulent wire transfer for $996,000 to a  Bank in China.

Whereas, because of a £10,000 per day limit on my UK Online Banking via BACS, when I was transferring £125,000 yesterday via CHAPS, RBS called up our dual Signatures on File, checked my Passport & Debit Card, and recorded me on CCTV. I was happy that they had done their due diligences.

Times like this prove that automated chaos is just faster chaos. Why would the University of Virginia not have arranged for a limit on their Online Banking Account - say $100,000?   

External

This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.

Join the Community

21,805
Expert opinions
43,921
Total members
442
New members (last 30 days)
201
New opinions (last 30 days)
28,632
Total comments

Trending

Now Hiring