18 Jul 2019

BEC Scams Average $301 Million Per Month In Illegal Transfers

New data compiled by the Financial Crimes Enforcement Network (FinCEN) shows that illegal transactions linked to business email compromise (BEC) scams averaged $301 million per month last year. The figure is based on suspicious activity reports (SARs) received by FinCEN. In 2018, the organization received close to 14,000 filings. The

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16 Jul 2019

Failures in Cybersecurity Fundamentals Still Primary Cause of Compromise: Report

Researchers with Secureworks warn that while threat actors are targeting firms with increasingly sophisticated attack campaigns, “the same issues and security gaps are blighting organizations’ ability to identify and respond to threats.” Common shortcomings in cybersecurity programs still include basic issues like poor visibility, lack of multi-factor authentication (MFA), and

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10 Jul 2019

Cyber Attacks Cost $45 Billion in 2018

Internet Society’s Online Trust Alliance (OTA) has released an extensive report on cybersecurity breach trends. According to the research, around two million cyber attacks occured last year, resulting in global damages of over $45 billion. The report also indicates that financial losses from ransomware rose by 60%, while the total

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08 Jul 2019

Over $800,000 Stolen by Scammers in Atlanta Area City BEC Fraud

Last month, cybercriminals managed to steal over $800,000 from the City of Griffin, Georgia by targeting the city’s finance department with a textbook Business Email Compromise (BEC) scam. The threat actors sent a fraudulent email to a city employee in which they posed as a city vendor and requested the

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17 Jun 2019

Canadian City Loses $500,000 to Phishing Attack

Last month, cybercriminals managed to scam the City of Burlington in Canada out of CAD $503,000 (around USD $375,000). The city officially referred to the incident as “a complex phishing email,” but the phishing method used is more commonly known as a business email compromise (BEC) scam. The threat actors

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06 Jun 2019

Newly-Identified BEC Cybergang Targets U.S. Enterprise Victims

Agari recently released a new report on the evolution of Scattered Canary, a rising Nigerian cybercrime group specializing in business email compromise (BEC) attacks on large organizations. Researchers have been tracking Scattered Canary since 2008, when it was still a one-man operation. Since then, the group has evolved “very much

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30 May 2019

Impersonation Attacks Up 67% for Corporate Inboxes

More than six out of ten (61%) IT decision makers are anticipating impactful email-based cyberattacks on their organization in the coming year, a new Mimecast report shows. Looking at the threat landscape, their worries are completely justified, since a whopping 94% of companies suffered a phishing attack in 2018. According

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05 Apr 2019

BEC Gang “London Blue” Lines Up 8500 New Execs

Agari is warning that a prominent Business Email Compromise (BEC) campaign has added thousands of executives to its list of targets. Since November of last year the group behind the campaign, which is known as London Blue, has obtained information on almost 8500 financial executives at nearly 7800 different companies

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21 Mar 2019

Latest tactics used by cybercriminals to bypass traditional email security

New research by Barracuda sheds light on the evolving strategies used by cybercriminals in email-based spear-phishing attacks. The report distinguishes between three types of spear phishing: brand impersonation attacks, business email compromise (BEC) and extortion. Brand impersonation is the most popular strategy by far, accounting for 83% of attacks. Extortion

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01 Mar 2019

Businesses need to rethink security priorities due to shifting trends

Cyberattacks involving the psychological manipulation of targeted users, which is known as social engineering, have surged in 2018, a new Trend Micro report has found. According to the report, the number of detected phishing URLs increased by 269% compared to the year before. The finding is in line with a

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