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Networking Firm Loses $46.7 Million to Fraudulent Wire Transfer

By CircleID Reporter
  • August 12, 2015, 5:16 pm PDT
  • Views: 6,540
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Ubiquiti Networks Inc., a San Jose based maker of networking technology, has disclosed that cyber criminals stole $46.7 million via a “business email compromise fraud involving employee impersonation.” Brian Krebs reports: “The company said it discovered the fraud on June 5, 2015, and that the incident involved employee impersonation and fraudulent requests from an outside entity targeting the company’s finance department… Known variously as ‘CEO fraud,’ and the ‘business email compromise,’ the swindle that hit Ubiquiti is a sophisticated and increasingly common one targeting businesses working with foreign suppliers and/or businesses that regularly perform wire transfer payments.”

By CircleID Reporter —

CircleID’s internal staff reporting on news tips and developing stories. Do you have information the professional Internet community should be aware of? Contact us.

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