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The human cost of cyberfraud was very much in evidence at the Cybersecurity Festival earlier today, when Wayne Johncock, former CIO of Centrica, and co-founder of an edtech venture shared his experience of being a victim of insider fraud, perpetuated at Bank of America.
A loophole in the law means one CIO, who lost £400,000 to a scam, is struggling to get his case heard.
Why is an insider threat even more dangerous than the hacker in the shadows? Because it’s not the mugging in the dark that hurts the most – it’s the knife in the back.
Claiming to be the vice president for the Bank of America, Rajesh Ghedia was able to scam out of more than $330,000 from Wayne Johncock set aside for his education company.