A combination of new malware and old-fashioned social engineering has been used to rob companies of more than US$1 million, according to a new study from IBM.

The attacks, dubbed “Dyre Wolf” by IBM, suggests the work of experienced online criminals brazenly attempting to rip off large organizations.

“As we continue to see, cybercriminals grow in resourcefulness and productivity at alarming rates. They are sharing expertise on a global scale via the deep Web and launching carefully planned, long-term attacks to attain the highest return on investment,” wrote John Kuhn, IBM senior threat researcher, in a blog post co-authored with fellow IBM researcher Lance Mueller.

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