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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.

WATCH HOW Hackers are learning to spy on you on YouTube


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

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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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