Pune company loses Rs 6.5 crore in cyber fraud – Times of India-OxBig News Network

PUNE: Man-in-the-Middle (MitM) cyber frauds cheated a Pune-based firm, dealing in IT services and imports of dry fruits, out of Rs 6.5 crore on March 27.
MitM is a type of cyber fraud in which an attacker intercepts and relays communication between two parties, making it appear as if they are communicating directly.
As per the police complaint, the 39-year-old company director received an email on the company ID purportedly from a US firm he did business with about a payment request. He initiated the transaction believing the email request was legitimate. But later, when he contacted officials of the other firm, they denied receiving the amount. He checked the email he had received and discovered fraudsters had made two alterations – they changed one letter in the other firm’s email address and its bank account number.