FBI warns of new cyberscams

WASHINGTON, Nov. 3 (UPI) -- Fraud exploiting the valid online banking credentials of U.S. businesses, local government and school districts is on the rise, the FBI reported Tuesday.

Typically, the targeted entity receives a "spear phishing" e-mail either with an infected attachment or directing the recipient to an invested Web site, allowing malware to be installed on the recipient's computer, the FBI said Tuesday in a release. The malware then can mine business or corporate bank account login information.

The scammers either create another user account with the stolen login information or initiate funds transfers by masquerading as the legitimate user. These fund transfers occurred both as traditional wire transfers and as automatic clearing house transfers.

The FBI also said reporting indicates transfers were directed to bank accounts of other individuals who may or may not know about the scheme. Most of these individuals were recruited through work-at-home advertisements, often hired as payment processors or to allow funds to be transferred through their bank accounts.

Customers who use online banking services are advised to contact their financial institution to ensure they are employing all the appropriate security and fraud prevention services their institution offers.