Gone in 72 hours
Frank Krasovec had a $1 million personal line of credit with PlainsCapital Bank. In 2018 he went on a business trip only to return and discover that 450,000 dollars was missing.
Fraudsters had obtained access to Mr. Krasovec’s email and knew he would be out of town on business. So while he was in Shanghai the fraudsters emailed his assistant from his email account and requested she wire $150,000. The email was not written in crude English or full of typos. In fact, his assistant had remarked that it sounded very much like Mr. Krasovec.
Three days later another request came in from Mr. Krasovec’s email requesting $300,000 that his assistant also wired.
An ongoing court battle continues as Mr. Krasovec and PlainsCapital Bank dispute who is at fault in this situation. Each arguing that the other should have better internal controls and security in place to avoid situations just like this one.
What can you do?
This illustrates two things: the ease with which fraudsters can gain access to our accounts and information and the critical importance that we must institute stronger security and anti-fraud measures such as two-factor authentication.
The days of robbing folks at gun-point for what’s locked in the vault are nearly gone. We are in a new era where smart thieves stealing our identities and posing as us to gain access to our funds is becoming the norm and is going to prove very difficult to recover from both for one’s financial status and credibility.
You can also read about the Nikkei email scam from September of 2019