The Italian Honey Project

A new fraudulent scheme of Tatanga has been recently spotted by Trustee:

The victim is then presented with a fake insurance account that claims to cover the total amount of funds in their bank account. This fake insurance account is actually a real bank account that belongs to a money mule. The victim is told that they will be protected against any losses from online fraud by this insurance coverage. In the final step, the victim is prompted to authorize a transaction that they believe is to activate the insurance coverage. In all likelihood, the victim does not expect any funds will be transferred out of their account.

To approve the transaction the victim enters a one-time SMS password that is sent to their mobile device. Unfortunately, the victim is actually approving a transfer of funds from their account to the fraudster’s money mule account.

via A New Twist: Fraudulent Fraud Insurance | Trusteer.