Corporate email accounts are among the most exploitable entry points for scammers. Phishing, ransomware and business email compromise (BEC) attacks cost companies billions of dollars annually, often originating from compromised email credentials. That’s why the news this week (Oct. 30) that Amazon’s WorkMail enterprise email...
Email remains a cornerstone of communication, especially within business-to-business (B2B) relationships. This reliance on email, however, has also made it a prime target for savvy cybercriminals. And with the news that Luxembourg-based chemicals and manufacturing giant Orion SA lost around $60 million after being targeted...
As businesses seek to strengthen the connected economy, they are harnessing artificial intelligence (AI) to bolster security measures and combat the ever-evolving landscape of sophisticated cyberthreats. Accenture and Oracle announced a joint investment in generative AI solutions aimed at helping organizations securely extract more value from their...
Behind every business is a group of individual employees. And, in most cases — and for most firms — those individuals use their work, or even personal, email accounts to conduct business. That one fact alone makes them a prime target for bad actors and...
April 26, 2023
Despite the increasingly sophisticated weapons fraudsters have on hand to execute their scams, business email compromise (BEC) attacks remain one of their most effective ploys. The FBI estimates U.S. businesses lost $2.4 billion to BEC schemes, in which fraudsters pretend to be a supplier or other authorized party and trick employees into diverting funds to them. […]
November 03, 2021
It’s a sad but simple truth: The move to remote work has increased the opportunity for fraud. Employees are more likely to make significant, serious requests over emails that are...
June 03, 2020
As commerce shifts online in a pivot that is likely to remain permanent, the fraudsters are also shifting their targets — and methods. And as Rob Tharle, head of fraud...
November 11, 2024
The FBI is alerting companies that cybercriminals are using compromised U.S. and foreign government email addresses to send fraudulent emergency data requests. By sending these fraudulent requests to U.S.-based companies, the hackers are looking to gain access to the companies’ holdings of their customers’ personally identifying information (PII), the FBI said in a Nov. 4 […]
October 01, 2020
Mitiga is working with law enforcement after uncovering a widespread business email compromise (BEC) scam that has netted more than $15 million. A Medium post from Mitiga stated cybercriminals impersonated...
August 02, 2020
The Financial Crimes Enforcement Network (FinCEN) issued a press release warning financial institutions (FIs) and consumers about pandemic-related scams, including some connected to cryptocurrency. FinCEN warns that bad actors “are...
July 13, 2020
Two Nigerian scammers known for allegedly defrauding American companies for tens of millions of dollars that they transferred into bitcoin were extradited to the U.S. from Dubai, Cointelegraph reported. The...
