2 Major companies in the USA were tricked out of 100 million
Be aware of the wire fraud
Cyber crime cases are on the rise. Countries need to be vigilant, and every country needs to set their cyber security policy. Nowadays, cyber theft is being committed through electronic wiring via email. Recently, a Lithuanian man cheated two US firms, and he was wired $100m via email. The fake email account was used by him to commit the wire fraud; it is important to note that both were US multinationals (BBC News, 2017).
One company dealt in the internet related products and services and the other company was a multinational corporation which provided the online social media and networking services.
After this fraud, the officials have asked firms to be vigilant. The man named as Evaldas Rimasauskas committed the cyber theft and fooled the companies for a period of two years. This man registered his company in Latvia and portrayed it as some Asian Hardware Manufacturing Company.
The Asian Manufacturing company was the real supplier, and he sent fake emails portraying to be an employee of that company and sent invoices to the US multinationals. He also opened various fake accounts in many banks.
There are some lacunas with the cyber security policy because the way Mr. Rimasauskas dodged the victims by sending emails and portrayed as if the emails were from the Asian firms is a witness to that.
Multi-million dollars were transacted with the Asian firm which he portrayed. How easy the crime was committed gives an idea that it is a big cyber security challenge and measures need to be taken to control the wire fraud via email. Moreover, cash was wired into the different fraud bank accounts which he made.
Cyber crime cases took place in Latvia, Cyprus, Slovakia, Hong Kong and few other countries. To commit the cyber theft, he also forged invoices, contracts and used letters to dodge people. US attorney aims to come hard on the cyber criminals and devise a stringent cyber security policy.
Though $100m money has been recovered, people need to be vigilant because of the increasing cyber crime cases (NG, 2017).
Cyber Crime Policy need of the hour
People have to face the cyber security challenge and be aware of the latest hacking tools.
The cyber security policy should be devised in such a way through which hackers like Rimasauskas can easily be caught who commits the wire fraud. The cyber crime cases are being committed through the wire transfer, and the user’s money is usurped without the knowledge of the user (Raconteur, 2014).
Banks have to tighten their policies and make sure that the cyber criminals do not have any access to the user’s data in any way (Eagle Bank, 2017).
People need to be vigilant
Once, a person has wired money to the wrong account that money can be revoked back so users should be careful. There are many cyber security challenges, but people have to live with it and be extra vigilant (Kaminsky, 2015). It is said that £266 billion wire fraud is being committed annually and strict measures are the need of the hour (Camhi, 2017).