As business email compromise schemes continue to evolve, some cybercriminals are focusing on accessing companies' financial documents, which provide useful information to support the theft of money, according to a new report from security firm Agari.
Business email compromise scams continue to proliferate. Last week, Japanese media company Nikkei revealed that an employee made a $29 million fraudulent transfer as a result of a scam. And in a separate scam, the city of Ocala, Florida, suffered losses of over $742,000.
Many businesses don't seem to be able to block the ongoing scourge of sophisticated business email compromise schemes. "Incidents are just increasing; there's a huge volume of business email compromise," says David Stubley, CEO at 7 Elements, a security testing firm and consultancy.
Spanish authorities say they've arrested three individuals on charges of running a large-scale business email compromise scheme that targeted a dozen companies around the world to steal about $11 million.
Online attack threats continue to intensify, with criminals preferring ransomware, DDoS attacks and business email compromises, warns Europol, the EU's law enforcement intelligence agency. After numerous successful disruptions by police, criminals have responded by launching increasingly complex attacks.
A newly discovered cybercriminal gang is putting a twist on business email compromise scams by initially targeting vendors or suppliers with phishing emails and then sending realistic-looking invoices to their customers, according to the security firm Agari, which labels the approach "vendor email compromise."
Barracuda is out with its latest Spear Phishing Update, and among the key findings: a rise in email account takeover and lateral phishing. Why are enterprise defenses failing to detect these strikes? What new solutions will improve defenses? Barracuda's Michael Flouton shares insights.
This week's ISMG Security Report analyzes the cost of business email compromise attacks and the recent arrest of dozens of suspects. Also featured: updates on the easy availability of low-cost hacking tools and the latest payment card fraud trends.
A global law enforcement operation has resulted in the arrest of 281 suspects allegedly involved in business email compromise scams. The announcement comes on the same day as the FBI's Internet Crime Complaint Center says that losses from BEC scams have hit $26 billion and are continuing to rise.
A new variant of the TrickBot banking Trojan is enabling attackers to conduct SIM swapping schemes against Verizon Wireless, Sprint and T-Mobile customers in the U.S., potentially paving the way for account takeover fraud, according to a report from Dell's SecureWorks division.
Eighty suspects, most of them Nigerian nationals, have been indicted on charges of running global business email compromise and romance scams that led to millions of dollars in fraud and allegedly involved a complex money-laundering operation.
A newly identified phishing campaign used Google Drive to help bypass some email security features as attackers attempted to target a company in the energy industry, security firm Cofense reported this week.