Social Engineering Attack Nets $2.1 Million from Wells Fargo Bank

An unidentified scammer managed to convince Well Fargo Bank to transfer $2.1 million to him from Catholic Healthcare West’s bank account.

“The brazen theft was pulled off ingeniously, but the biggest responsibility for its successful realization seems to lay with the Wells Fargo escrow agent who authorized the transfer without thoroughly checking on the legitimacy of the requests,” writes Help Net Security’s Zeljka Zorz.

“Armed with the name of the bank where Catholic Healthcare West had the account and the name and signature of the chain’s CFO, the fraudster put the plan in motion in December 2011, Forbes reports,” Zorz writes.

Go to “$2.1 million stolen with clever social engineering” to read the details.

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