New Jersey BOFH cuffed over $10m Cisco scam
401268
Replacement kit 'fraud' A public sector computer technician from New Jersey has been arrested over allegations he took Cisco for $10m through a fraud that exploited the networking giant's programme for replacing broken or defective kit.â¦
722484
A group of 10 employees at NEC ran up $18 million in fraudulent costs over seven years, the company announced Tuesday, about a year after reporting a similar incident in 2006.
99395
Contractor charged with defrauding the company of $10 million. Also: Mass. man allegedly uses false identities to order parts.
148991
Malicious-toolbar distributor pays more than $2 million in federal settlement.
485104
And to help sick kids Cisco Systems has done the near impossible and put Santa on its payroll.â¦
146239
Cisco Systems on Monday appeared to further distance itself from a tax scandal in Brazil, saying it can&#39;t vouch for everything its channel partners do.In the case, in which four Cisco employees and 44 other people reportedly have been arrested, Cisco&#39;s Brazilian unit has been accused of importing $500 million worth of telecommunications and networking equipment without paying the necessary duties, according to a Reuters report.The case has shed a rare negative light on Cisco&#39;s business practices. The company, which operates around the world and is experiencing strong growth in developing countries, has a reputation for conservative practices and solid accounting.In its latest statement, the networking vendor explained its indirect sales model and said more than 90 percent of its business in Brazil goes through channel partners. That&#39;s more than the worldwide rate, which is over 80 percent, Cisco said.&quot;If fiscal fraud occurred in the companies that distribute or resell Cisco products, Cisco is not necessarily responsible for these misdeeds,&quot; the statement said. &quot;While we hire highly respected audit firms to perform random audits of our distributors, no corporation engaging in an indirect sales model can directly vouch for or control every action of its distributors.&quot;The company has used a channel model around the world for years, letting local distributors and value-added resellers customize products locally, Cisco said. The company works with more than 55 certified channel partners to sell products in Brazil. Some channel partners buy products directly from Cisco and some from authorized Cisco distributors, it said.The company has more than 250 employees in Brazil, which represents 1 percent of the company&#39;s worldwide business, it said. Cisco said it remains fully committed to doing business in the country.Cisco said it is cooperating with the authorities and conducting its own inquiry to understand the situation and provide as much information as possible, but said it would be wrong to comment further now. Cisco has said before that it does not believe it acted inappropriately.&#160;
59393
BJ&#39;s Wholesale Club Inc. is gearing up for legal battles with credit-card-issuing banks, which are demanding $16 million to offset fraudulent credit card charges and other costs related to a security breach apparently involving BJ&#39;s ...
731737
Apparently it&#39;s not just unwary individuals that fall victim to online scammers. Even large corporations, it seems, can get suckered into parting with their money by devious&#160;phishers.Case in point: Eden Prairie, MN.-based grocery chain Supervalu, which earlier this year got conned into depositing more than $10 million into two fraudulent bank accounts before recognizing the ruse. Details of the case are contained in court documents filed in connection with two forfeiture cases stemming from the incident.According to federal court filings in the U.S. District Court for the District of Idaho, the fraudulent activity took place in late February and early March this year. In the court filings, Stephen Kilgroff, Supervalu&#39;s vice president of legal affairs, said that on February 26 and 28 the company received two separate e-mails, one purporting to be from an employee at American Greetings Corp. and the second from an employee at Frito-Lay, both company-approved vendors.Both e-mails told Supervalu to send future payments for each vendor to new bank account numbers. In the case of the e-mail that purported to be from American Greetings Corp., Supervalu was advised to send payments to an HSBC account in Miami. The other e-mail advised Supervalu to send Frito-Lay payments to an account at First Security Bank in Rogers, Arkansas.Between Feb 28 and March 3, Supervalu deposited just over $6.5 million via multiple wire-transfers to the HSBC account, thinking that it was sending the money to American Greetings Corp. Similarly, on March 2 it made eight separate wire-transfers to the bank in Arkansas, depositing a total of $3.6 million to an account it thought belonged to Frito-Lay.In addition to the $6.5 million deposited by Supervalu into the HSBC account, an additional amount of $500,000 had been deposited into the same account by a second company, identified as &quot;ROHM&quot; on court documents. No information has been available concerning the second company, and it is not a party to subsequent litigation.Around March 6, according to the filings made by Kilgroff, Supervalu discovered that it had been &quot;induced&quot; into making the transfers to the bogus accounts. Following the discovery of the fraud, Supervalu quickly notified the appropriate law enforcement authorities, who managed to recover nearly all of the money before it could be withdrawn from the accounts.The recovered money is now being claimed by Frito-Lay, American Greetings and Supervalu. In making the claim to the recovered money, Frito-Lay said that it believes the money belongs to Supervalu and said supported that company&#39;s claim to ownership of the misdirected funds.&quot;However to the extent there is any determination that the ownership of these funds changed from Albertsons/Supervalu [the Albertsons grocery chain was recently acquired by Supervalu] to Frito-Lay (as a result of the attempted transfer, the misdirection, or any other development) Frito-Lay makes this claim to these funds in the alternative and subject to any claim of ownership by Albertsons/Supervalu&quot; the company said in an affidavit.A federal judge is expected to rule sometime in November on which firm should receive the recovered funds.A spokeswoman from Supervalu responded via e-mail to a request for comment. &quot;As indicated by the forfeiture complaint filed by the U.S. Attorney&#39;s Office in Boise, Supervalu was the target of attempted financial fraud,&quot; spokeswoman Haley Meyer said. &quot;Due to our internal controls and processes, we were able to quickly discover and report this to the FBI. As a result of the quick work of the Boise FBI Office and the U.S. Attorney, any funds lost are minimal.&quot;Computerworld is an InfoWorld affiliate.&#160;
571995
The social engineers known as phishers very nearly reeled in a big one earlier this year: a Minnesota-based grocery chain was duped into making over $10 million in deposits to two fraudulent accounts.
261018
German police have arrested 10 people  suspected of being involved in an international Internet scam  which could have cost victims hundreds of thousands of euros,  the Federal Police Office said on Thursday.
562926
A software vulnerability in some Cisco Systems Inc. routers and switches could allow an attacker to cause the devices to hang, the vendor warned this week.
80317
By Elwin Green, Pittsburgh Post-Gazette  Feb. 4--This week's scam may be inoperative by the time you read this,  but on the Internet, one never knows.   The senders of the e-mail pose as BB&T Co., the Raleigh-Durham,  N.C.-based bank.
14788
A law firm boss and some of his former staff are convicted after claiming up to an estimated Â£10m of bogus Legal aid work.
261731
Cisco Systems and Wells Fargo found themselves this week again responding to security breaches nearly identical to ones the two companies faced only months earlier.
22100
The network is the sting A GPS tracking sting has led to accusations that a reseller defrauded Cisco of millions of dollars in networking gear by fiddling its hardware maintainance program on a grand scale.â¦
284188
Man had been charged with one of the largest such scams in U.S. history.
214560
Cisco will pay approximately $200 million in cash and options. The acquisition of P-Cube is subject to various standard closing conditions and is expected to close in the first quarter of Cisco&#39;s fiscal year 2005.