Unauthorized Funds Transfer
Question
An employee of a financial institution (FI) receives an email from a client directing the employee to transfer funds from the client's account to another account overseas. The bank employee complies, but later, the Fi discovers the email did not come from the client. Which type of cyber-enabled crime occurred?
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A. B. C. D.B
https://digitalguardian.com/blog/what-is-spear-phishing-defining-and-differentiating-spear-phishing-and-phishing
The type of cyber-enabled crime that occurred in this scenario is likely "spear phishing." Spear phishing is a type of phishing attack that targets a specific individual or organization, often using personalized information to increase the likelihood of success.
In this case, the email was directed to a bank employee, who was instructed to transfer funds from a client's account to another account overseas. The email appeared to come from the client, but it was later discovered that it did not. This is a classic example of spear phishing, where the attacker used social engineering tactics to convince the employee to perform a fraudulent transaction.
Phishing, on the other hand, is a more general type of cyber attack that involves sending fraudulent emails, messages, or websites to many individuals in an attempt to obtain sensitive information, such as login credentials or credit card numbers. Spoofing is another type of cyber attack that involves faking the source of an email or website to make it appear legitimate. Ransomware, while also a type of cyber attack, is different from phishing, spear phishing, or spoofing, as it involves encrypting a victim's files and demanding payment in exchange for the decryption key.
In summary, the scenario described in the question most closely resembles a spear phishing attack, as it involved a targeted email aimed at a specific individual, using social engineering tactics to convince the employee to perform a fraudulent transaction.