Trust Our Cyber Security Company in Mesa, AZ to Prevent Account Hacking

October 15, 2016 10:26 pm Published by Leave your thoughts

The latest fraud against corporate bank accounts involves making withdrawals and depositing them through a Bitcoin ATM. Wire companies like Western Union are starting to catch up to the use of their services by scammers, and the Bitcoin ATM allows for an instant payment that is more difficult to track. Your company can fall victim if its accounts are left vulnerable. If you consult with a cyber security company ni Mesa, AZ, you can improve your security and avoid being a funding source for scammers. Here is an overview of the Bitcoin ATM scam and how to protect against it.

How the scam occurs

Scammers first establish a legitimate-appearing company. They build a website, and may even submit a corporate registration. Oftentimes, they present as a software development firm and recent start-up that is in need of new employees.

Once they secure this identity, they reach out to people seeking part-time or work-from-home jobs to “process payments.” Scammers frequently hack into Hot Jobs or Monster.com accounts of legitimate companies and use their identities to solicit job seekers. Offers are often lucrative and appealing to those who have been seeking work. The security industry refers to these individuals as “money mules,” and once hired, they are required to give their bank account information seemingly for direct deposit purposes.

The “payment processing” is really money laundering. After the hackers secure funds from business accounts, they deposit the cash into the money mule’s bank account. The unknowing employee then receives an email asking that they withdraw the money from their bank account and make a deposit into a Bitcoin ATM. Each transaction must be completed in three hours or there is no commission or payment to the mule.

This scam used to be completed through Western Union and MoneyGram, but there is a higher chance of the fraud being detected. Bitcoin ATMs allow for instant payments that make the money laundering process quicker. Also, with the widespread availability of Bitcoin ATMs, it expands the net for finding potential mules.

Preventing account hacking

Job search sites post warnings about these scams to potential employees. After all, desperate people who fall for these schemes could be held criminally liable. Also, if the scammer is caught before the mules get paid, they may find themselves broke and facing problems with local police.

However, on your end, you need to protect your company’s financial information. Many software programs in your accounting department may contain account numbers or even login information. Hackers can access this to get into your company’s accounts, making you the next Bitcoin ATM victim.

If you have not had a security audit of your network, bring in an IT consultant as soon as possible. We can often find holes and opportunities for hackers that may have been missed by pressured in-house professionals. Also, we can dedicate full attention to your cyber security issues and get to the bottom of any problems. Solutions are quickly deployed so your peace of mind comes sooner.

Apogee Compliance Group, Inc. is a cyber security company in Mesa, AZ. If your company handles a large amount of financial information or you complete your bookkeeping tasks in-house, call us today so we can fully assess the security of these systems. It is our job to leave you less vulnerable to account hackers.

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