Cybercriminals have started taking advantage of Silicon Valley Bank’s (SVB) downfall to carrying out scams that can steal money, and bank account information, or infect customers’ systems with malware.
SVB was shut down on March 10 by the California Department of Financial Protection and Innovation, after the bank failed to raise capital to keep running.
SVB customers are expected to transfer their financial operations to other banks in the coming weeks. This means these customers will receive notifications including the new bank account numbers from their new bank. Hackers are using this as an opportunity by posing as banks and carrying out phishing and business email compromise (BEC) campaigns, targeting SVB customers.
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