IBM has uncovered a sophisticated fraud scheme run by a well-funded Eastern European gang of cybercriminals that has used a combination of phishing, malware, and phone calls to net more than $1 million from large and midsize U.S. companies. IBM security researchers have dubbed the scheme “The Dyre Wolf” and say it represents a new level of sophistication. Since last year, the attackers have been targeting people working in companies by sending spam email with unsafe attachments to get a variant of the malware known as Dyre into as many computers as possible. The malware creates a fake screen telling the user that the bank’s site is having problems and to call a certain number. If users call that number, they get through to an English-speaking operator who already knows what bank the users think they are contacting. The operator then elicits the users’ banking details and immediately starts a large wire transfer to take money out of the relevant account.