Cayman Islands Cyber Security Incident Response Team (CIRT-KY) issues a public alert

Cybersecurity Incident Response Team (CIRT-KY) has issued a public cyber security alert on wire transfer fraud by email. Here is some additional useful information about wire fraud.

  • Wire fraud may be committed using interstate wires, television or radio communications, or the internet. Wire fraud is an intentional act to defraud another individual or entity of his money or property and is a federal crime punishable by 30 years in prison.
  • Wire fraud refers to fraud that is committed through the use of wires or electronic means.
  • Modern technology in communications has seen the evolution of more sophisticated fraud schemes. Mail and wire fraud fit into old laws that have been modified to accommodate these techniques.
  • Both mail and wire fraud are felony crimes, involving fraudulent acts committed for the purpose of depriving another person or entity of money, property, or other assets.
  • Wire Transfer Fraud is used to move funds from one account to another. These electronic wire transfers can be used to move money between banks, pay bills, or send money to another or business. Scammers use many tools, including phishing sites and malware, to steal bank and other account login information.
  • The Cayman Islands Government should make sure businesses especially Banking institutions are implementing firewalls, malware protection, anti-virus. The type of payment fraud involves compromising of legitimate business email accounts through social engineering or malware, for the purpose of conducting an unauthorized wire transfer. Although it is good to also have preventive measures in place.
  • The Government should have its own Digital Forensics Incidence Response Team (DFIR) to investigate these cyber crimes.
  • Digital Forensics should be the face of Cyber crimes that are taking place in the Cayman Islands.

 

Reference: thepaypers.com


Contributed by: Daval Gregory from Jamaica. Daval is a member of the CCST Discord group from the G5 Cyber Security Foundation Ltd. Learn more about CCST (Caribbean Cyber Support Team) by visiting caribbeancst.org. CCST is a collaborative group on the Discord platform for Caribbean people in IT, from beginners to experts.

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