November 2, 2007

Store loses $10m to Phishers

It seems that it’s not just the general public who get scammed by phishers, in the states one of the big supermarket chains has also suffered at the hands of a phishing email.

Supervalu Inc have conned out of more than $10 million, by transferring the cash into two accounts that had been set up just to commit the fraud.

How this happened was the company received emails from who they believed were PepsiCo Inc and American Greetings Corp. These are approved suppliers and the emails told the finance dept of Supervalu to pay all future payments into new bank accounts which they did, paying $6.5 million into the fake American Greetings account and a further $3.6 million in the fake PepsiCo bank account.

It just goes to show that everyone on the net is at risk from phishers.

Source [Computer World]