CyberNews Briefs

BEC Wire Transfer Losses Soar 48% in Q2 2020

According to security vendor Agari, Business Email Compromise attacks that lead to wire transfer losses have increased dramatically from the previous quarter. BEC wire transfer losses soared by over 48% from Q1 2020, resulting in an average of more than $80,000. These conclusions were highlighted in the Anti-Phishing Working Group’s latest Phishing Activity Trends Report.

Agari also found that BEC losses that occurred as a result of bank transfer attacks also increased significantly, however, this type of attack accounted for only 18% of total attacks ending in wire transfer loss. In the report, Agari states that gift cards were found to be the most popular way for the threat actors to benefit financially from the attacks. Cards from popular retailers such as iTunes, Apple, Steam Wallet, eBay, and Google Play accounted for the majority of attacks. Agari also reported on the cybercrime group with Russian ties known as Cosmic Lynx, which demands roughly $1.3 million in reparation money per BEC attack.

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