In new report jointly published by McAfee and Guardian Analytics entitled “Dissecting Operation High Roller,” (PDF) and posted on the web on June 26, the two security companies “uncovered a highly sophisticated, global financial services fraud campaign that has reached the American banking system.” The study “found 60 servers processing thousands of attempted thefts from high-value commercial accounts and some high net worth individuals. As the attack shifted emphasis from consumers to businesses, mule business accounts allowed attempted transfers averaging in the thousands of Euros, with some transfers as high as €100,000 (US$130,000). Three distinct attack strategies have emerged as the targets have expanded from the European Union, to Latin America, to the United States.”

Citing the report, EUobserver noted that: “In March alone, fraudsters initiated transfers totaling €35 million from 5,000 Dutch business accounts based in two banks.” Further: “In Italy, the accounts targeted held on average between €250,000 to €500,000. Hackers introduced a code in malware that transferred either a fixed percentage or a relatively small fixed amount onto a pre-paid debit card or bank account.”

Even more telling was the finding in the report that: “Debunking the popular wisdom that only big banks are affected, the research documents attacks at every class of financial institution: credit union, large global bank, and regional bank. So far, we estimate the criminals have attempted at least €60 million (US78 million) in fraudulent transfers from accounts at 60 or more financial institutions.”