Futures Firm Fined After Losing $1M To Phishing Email
Law360 (September 12, 2019, 9:01 PM EDT) -- After cyber criminals breached Phillip Capital Inc.’s email systems, accessed customer information and withdrew $1 million in customer funds, the U.S. Commodity Futures Trading Commission announced a settlement Thursday with the registered futures commission merchant, requiring it to pay $1 million in restitution and a $500,000 penalty.
The data breach occurred in early 2018, after an information technology engineer at Phillip Capital Inc., or PCI, received a phishing email from a hacked financial security organization account and unwittingly provided cyber criminals with administrator credentials and allowed them to hack into company email accounts and ultimately get $1 million transferred to a...
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