Cyber Spin on Check Fraud?

[InfoSec News <alerts () infosecnews org>]

http://www.bankinfosecurity.com/cyber-spin-on-check-fraud-a-4709

By Tracy Kitten
Bank Info Security
April 26, 2012

Check fraud may seem like an antiquated scheme, but banking institutions 
continue to struggle with how best to prevent it.

In fact, according to BankInfoSecurity's recent Faces of Fraud Survey, 
check fraud is the second most common scheme institutions face, placing 
just behind payment card fraud and ahead of phishing. And now, it seems, 
hackers are taking check fraud to a new cyber level.

Security firm Trusteer has just revealed a new wave of check fraud 
that's striking corporate checking accounts in the United States, United 
Kingdom and China. Amit Klein, chief technology officer at Trusteer, in 
a new blog, describes how a hacker, through the use of phishing attacks 
and malware, accessed online accounts and then retrieved check details 
from stored check images.

According to Klein, who uncovered this scheme in an underground forum, 
the fraudster is gaining access to online bank accounts, getting hold of 
check images, then using those details to create counterfeit checks with 
custom printing equipment, paper and ink.

[...]


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