Posted on Wednesday, January 6th, 2010 at 5:23 pm
The FBI says it has investigated more than 200 cases, mostly in 2008 and 2009, in which cyber-robbers executed fraudulent transfers totaling about $100 million and successfully kept $40 million.
Banking and tech security experts say many more cases of ACH and wire transfer fraud are going unreported, mainly because the attacks are new and there are no laws setting forth the rights of online business account holders, the way consumer-rights laws protect individuals’ accounts. The result: Many cases end in civil disputes in which small businesses often lose.
