Cyber crooks hacking small U.S. businesses, sending money to China

Cyber criminals are hacking bank accounts of small-to-medium size businesses in the U.S. and sending unauthorized wire transfers to Chinese economic and trade companies, according to the FBI. Between March 2010 and April 2011, authorities identified 20 incidents in which the transfers were initiated, according to a Federal Bureau of Investigation statement today. Losses totaled about $11 million and attempted thefts totaled about $20 million. The computer of an employee who is authorized to transfer funds is typically compromised by malware that captures corporate online banking credentials, according to the statement. Unauthorized transfers typically were from $50,000 to $985,000, with most above $900,000, according to the FBI. Intended recipients of the unauthorized transfers are companies registered in port cities near the China-Russia border, according to the statement. Authorities don't know who is responsible for the transfers, whether the Chinese accounts were the final destination or if the funds were forwarded elsewhere, according to the FBI. --Bloomberg News--