SVB Collapse Leaves Door Open for Cybercriminals to Steal Money and Data

The collapse of Silicon Valley Bank (SVB) has caused turmoil in the global financial system. In the aftermath, cybercriminals are exploiting the situation by registering suspicious domains, launching phishing campaigns, and carrying out attacks to steal money, account data, and infect targets with malware.

According to several security researchers, threat actors are actively registering suspicious domains, setting up phishing pages, and preparing for Business Email Compromise (BEC) attacks.

The fallout from the SVB collapse has affected numerous businesses and individuals in various industries, including life sciences, technology, private equity, healthcare, venture capital, and premium wine.

According to recent findings by security researcher Johannes Ulrich, cybercriminals are capitalizing on the situation by registering suspicious domains related to SVB that are highly probable to be utilized in malicious attacks.

Ulrich has cautioned that scammers may attempt to contact former SVB clients offering fake services related to the bank’s collapse, such as legal services, support packages, or loans.

A cryptocurrency scam claims that as of March 13, 2023, Silicon Valley Bank is distributing USDC as part of its SVB USDC payback program, exclusively to eligible USDC holders. The scam further alleges that USDC payouts are restricted to one claim per wallet.

When users click on the ‘Click here to claim’ button on the fraudulent website, a QR code appears that has the potential to compromise crypto wallets like Metamask, Exodus, and the Trust Wallet if scanned. This is a common tactic used by cybercriminals to access sensitive data or steal cryptocurrency, and it underscores the need for caution and diligence when engaging with unknown or unverified sources online.

Circle, a peer-to-peer payments firm that oversees the widely-used stablecoin USDC, had deposited $3.3 billion in cash reserves at SVB. However, despite assurances from the firm regarding the liquidity of USDC, the collapse of SVB has created an atmosphere of uncertainty.

To avoid email compromise during such attacks, it is recommended to verify any payment changes with your contact over the phone rather than through email.