Researchers at Abnormal Security have observed an increase in vendor impersonation in business email compromise (BEC) attacks.
Tag: CEO Fraud
Security Vendor News
Think BEC Won’t Cost You Much? How Does $130 Million Sound?
by Stu Sjouwerman •
A new lawsuit brings to light the all-too common occurrence of a attack, with this occurring during a business acquisition and costing the buyer more than they bargained for.
Security Vendor News
Business Email Compromise Shouldn’t Be the Cost of Doing Business
by Stu Sjouwerman •
The FBI last week published a public service announcement updating its warnings about the continuing threat of business email compromise (BEC, also called CEO fraud). The problem has reached shocking proportions: between June of 2016 and Decem…
Security Vendor News
Business Email Compromise (BEC): the Costliest Cybercrime
by Stu Sjouwerman •
Organizations in the US lost $2.4 billion to business email compromise (BEC) scams (also known as CEO fraud) last year, according to Alan Suderman at Fortune.
Security Vendor News
Cost of Internet Crimes in 2021 Increase 64% Exceeding $6.9 Billion
by Stu Sjouwerman •
New data from the FBI’s Internet Crime Complaint Center (IC3) shows a massive increase in the cost of internet crimes, with phishing and BEC topping the list.
Security Vendor News
FBI: Scammers Take Business Email Compromise Attacks to Virtual Meeting Platforms
by Stu Sjouwerman •
In a new twist on an old scam, BEC attacks switch from email to a virtual meeting where social engineering tactics are used to further establish credibility and increase the likelihood of a successful scam.
Security Vendor News
Business Email Compromise Attack Leads to Millions in Non-Profit Loss
by Stu Sjouwerman •
A business email compromise attack at Illinois’s Office of the Special Deputy Receiver led to a loss of $6.85 million, Ray Long at the Chicago Tribune reports. Long describes the Office as “a nonprofit that works with the director of the Il…
Security Vendor News
Business Email Compromise-as-a-Service Emerges as Attempted Fraud Soars to as High as $6 Million
by Stu Sjouwerman •
BEC scammers set their sights on payoffs in the millions of dollars, and are following the path of their ransomware counterparts by evolving services while organizations struggle to keep up.
Security Vendor News
Ex-Bank of America Employee Charged with Business Email Compromise Money Laundering
by Stu Sjouwerman •
A three-person team – including a personal banker at Bank of America – have been indicted for reportedly being behind a BEC scam that took 5 companies for over $1.1 Million.
Security Vendor News
5th Circuit Court Finds Cyber Insurer Must Pay for $1 Million Social Engineering Attack
by Stu Sjouwerman •
A simple social engineered Business Email Compromise attack resulted in fraud that the cyber insurer contended was not covered under the policy.
Security Vendor News
Enterprise Organizations Have as Much as an 85% Chance of Receiving a BEC Attack Every Week
by Stu Sjouwerman •
Business Email Compromise is a multi-billion dollar business, representing 43% of all cybercrime last year. Despite it being dwarfed in the news by ransomware, it represents a growing threat.
Security Vendor News
Business Email Compromise Scam takes New Hampshire Town for $2.3 Million
by Stu Sjouwerman •
Social engineering is at the heart of this attack, where scammers successfully tricked a town into redirecting not just one but several bank transfers.
Security Vendor News
BEC, Fraud, and Ransomware Attacks Are All on the Rise and Costing More Than Ever
by Stu Sjouwerman •
New data from cyber insurer Coalition puts the spotlight on not only how much worse attacks are getting, but claim data paints the picture that organizations just aren’t ready.
Security Vendor News
Email-Based Cyberattacks Double Between January and June
by Stu Sjouwerman •
Over 2.9 Billion email-based threats were detected in the first half of 2021. Business Email Compromise, obfuscation, and living off the land reigned, according to new data from Zix.
Security Vendor News
BEC and the Underworld’s Resources
by Stu Sjouwerman •
Researchers at Intel 471 have observed cybercriminals outsourcing talent for business email compromise (BEC) attacks. This tactic lowers the bar of entry for BEC attacks, which are extremely effective at raking in large amounts of money.