Australian Zoom Compromise, November 23 2020

Levitas Capital closing after fake Zoom invite sinks $16m super fund investment

A fake Zoom invite has forced a Sydney hedge fund to close up shop after cybercriminals found a way into their emails in September.

Source: Levitas Capital closing after fake Zoom invite sinks $16m super fund investment | news.com.au
More reports from: news.com.au.

The fraudulent invite then planted malicious software on the Levitas network, allowing the hackers to take control of email systems..

They used that access to send off fraudulent invoices to companies the fund had never previously dealt with, which Mr Fagan told the AFR showed “the manifest failure” of the checks and balances “the entire funds management industry relies on”.

At the end of September, Mr Fagan was checking to see if money from the super fund had been deposited into Levitas’ Commonwealth Bank account when he noticed more than $8 million was missing.

He began frantically making phone calls to stop transfers, managing to stop $5 million sent to a Singapore bank and $2.5 million sent to Hong Kong, but he was too late to stop an earlier transfer.

…[SK] and it get worse… read on from the original source