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Business emailcompromise attacks cost organizations $2.4 Banks and credit unions face a perfect storm of attractive targets, sophisticated attackers, and mounting regulatory scrutiny that makes BEC prevention a critical priority. Operational costs mount quickly during BEC incidents.
Business emailcompromise (BEC) attacks can be a major risk to businesses’ finances and reputations. The report states that these victims mostly lost their money to BEC scams. The report states that these victims mostly lost their money to BEC scams. What Is a Business EmailCompromise Attack?
Thus, business emailcompromise fraud (BEC) is evolving too. As reported in darkreading.com, the gangs using BEC – new gangs and seasoned gangs – have recently been targeting human resource and finance professionals to grab direct deposit payroll information to siphon off funds.
Business emailcompromise (BEC), B2B phishing scams, synthetic identities, fake accounts and trillions of aid dollars flooding out at a time of maximum uncertainty make this a fraudster’s paradise.
Accounttakeover attacks, social engineering tactics and payments fraud all threaten businesses as attackers go after the high-value transactions typical of corporate finance, BioCatch explained in a blog post last week. The treasury department is an increasingly attractive target to cyber fraudsters. The tactic is relatively simple.
Fraudsters can automate the process by which they infiltrate emailaccounts and learn to speak like a CEO or CFO to initiate a fraudulent wire transfer, a scam known as the business emailcompromise (BEC). “Criminals get a lot of feelers out there, a lot of fishing poles,” said Jeffery. .”
Doing so, he said, can help a firm ascertain whether first-party fraud is in play — and the transaction should ultimately go through — or whether fraudsters are attempting accounttakeovers or establishing new accounts with synthetic IDs.
In corporate payments, while fraud is typically linked to wire and checks , the rise in Business EmailCompromise (BEC) and accounttakeovers means ACH fraud is a growing threat, same-day or not. That doesn’t mean that fraud linked to ACH transactions is nonexistent, however.
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