Phishing scam steals $100 million from two U.S. tech companies

Even a “multinational online social media company” fell victim to this simplistic phishing scam.

Although you might think it is safe to assume that those who are working in the technology sector are smart enough not to fall for e-mail fraud, that however is sadly not the case.

The state of New York and the FBI have charged Evaldas Rimasauskas, a citizen of a Lithuania, of perpetrating a phishing campaign through which he siphoned $100 million away from 2 US tech companies, one of which is a “multinational online social media company”.

Surprisingly, the phishing campaign wasn’t all that intelligent or complicated: it mostly relied on less-than-attentive employees.

From 2013 to 2015, and possibly earlier, Rimasauskas allegedly ran a fake Latvian company that shared a common name with an “Asian-based computer hardware manufacturer.”

He used his company to fool victims into responding to phishing emails and in the process got them to wire millions of dollars to his bank accounts in Latvia and Cyprus.

He was smart enough to spread the money into several accounts across geographical locations in the world, including, Hong Kong, Slovakia and Lithuania with several forged documents which convinced banks that the large sums of money that he is receiving is for legitimate purposes.

If the charges against him, including identity theft, wire fraud and money laundering, stand up in court, Rimasaukas is staring at a minimum of twenty years in a prison.

This only proves that even tech-savvy companies fall victim to online fraud, which only underscores the need to put in place much needed security measures, including staff education, to prevent similar instances.

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