Published On: Mon, Aug 10th, 2015

Hackers siphon $47 million out of tech company’s accounts

A tech company has made an unusual admission to its investors: A hacker posed as one of its employees online and stole $46.7 million from the company's accounts.

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Networking firm Ubiquiti said an “outside entity” targeted its finance department by sending what appeared to be a company email.

The fake emails duped employees into turning over their usernames, passwords and account numbers. Then the hacker was able to transfer funds out of a Ubiquiti subsidiary in Hong Kong to other overseas accounts that the hacker held.

The company gave few other details about the hack in a regulatory filing last week.

The story was first reported by security blog KrebsOnSecurity.

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