Fraudsters Use DDoS Attacks To Mask Wire Transfer Theft

Avivah Litan, vice president at Gartner, told the media outlet that the theft was cloaked by a wave of distributed denial-of-service (DDos) attacks. These smaller attacks were meant to divert attention away from the larger wire transfer theft, she said.

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Authorities are still unsure of how the attackers gained access to the wire payment switch at the banks, but suggested a phishing scam targeted at employees could have been used.

For more on this developing story, read the full report here.