e-Banking Bandits Target Title and Escrow Companies

KrebsOnSecurity.com reports that in March, computer criminals broke into the network of Redondo Beach, California based Village View Escrow Inc. and sent 26 consecutive wire transfers to 20 individuals around the world who had no legitimate business with the firm.The escrow firm has been the victim of on-line bank theft. Cybercriminals hijacked the firm's online bank account and stole $465,000.

In discussions we've had with law enforcement and bank security personnel, we find that this is a cybercrime trend. Cybercriminals seem to have discovered that title and escrow companies are regular users of the ACH system while their security controls are too often easily bypassed by the advanced hacker tools now in use.

We continue to recommend extreme caution in online banking, including

1. When possible, have separate computer(s) used exclusively for online banking
2. Utilize 'out-of-band' confirmation for all online bank transactions
3. Keep systems patched and all anti-malware software up-to-date
4. Diligently check bank accounts daily
5. Limit use of social networking sites
6. Be on guard for phishing and other social networking attacks