$100’s of Thousands Stolen as Coast Capital Members Targeted In Phishing Ring

Exploit: Phishing
Company: Coast Capital Savings
Industry: Financial
Source: https://ca.news.yahoo.com/cyber-thieves-off-hundreds-thousands-222905339.html

A ring of phishing scams targeted banking customers at Coast Capital Savings. A reported 140 members had thousands of dollars stolen from their accounts in the attacks that spanned from November to December of last year. On average victims lost $3,000-$6,000 with the total figure in the hundreds of thousands of dollars range. Public concerns have risen as the financial institution is unsure of how the funds were accessed or even if victims will be reimbursed.

Coast Capital is facing high accusations of negligence and a lack of security measures with impending lawsuits on the horizon. Costs are sure to mount for Coast Capital as well as the indirect costs of loss of brand royalty and reputational damages.

Thus far, investigations have concluded that hackers sent fake emails and texts requesting security information, used a computer program to guess passwords, and impersonated trusted sources to scam customers via telephone. More concerning is the fact that the attackers were able to access payment account details. Usernames and passwords should immediately be changed as well, victims should continue to monitor their financial accounts.

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