Watch Out For The 'Man In The Email'

Law360, New York (July 28, 2014, 3:26 PM EDT) -- Retailers, when is the last time you spoke with your bank about security?

If you had to think about that answer, now may be a good time, according to the FBI and the Internet Crime Complaint Center (IC3). A new email scam has been affecting corporations, targeting CTOs, CFOs and comptrollers in particular, and combines the pinpoint targeting of “phishing,” with a resulting average loss of $55,000 per company.

The email appears to be from a vendor whose name the recipient recognizes, requesting a wire transfer to a designated bank account. According to the FBI[1], what has happened is that legitimate...

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