Remove Addressing Remove Email Compromise Remove Wires
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Email’s Role In Combatting Business Email Compromise

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With the business email compromise (BEC) phishing attack a continuously growing threat for businesses large and small, organizations are exploring how strategic cybersecurity investments can protect them when bad actors attempt to steal company cash or redirect business payments.

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FBI, BBB Sound Another Business Email Compromise Alarm

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companies via the Business Email Compromise scam, reports in The East African said last week. Through Operation reWired, we are sending a clear message to the criminals who orchestrate these Business Email Compromise schemes that ‘I will keep coming after you, no matter where you are.’”.

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Why The Data Breach Decline Is Bad News For Businesses

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The scam involves sending a phishing email claiming to be a Microsoft Office 365 update. Cybercriminals are using the tactic to steal company credentials, including executive email addresses, which are then sold on the dark web. An individual has pleaded guilty to wire fraud, bank fraud and money laundering charges.

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The B2B Payments Fraud Threat Of Internal Employees

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That means the vast majority of businesses are at risk for an array of cybersecurity incidents, including the Business Email Compromise (BEC), which often sees fraudsters spoofing legitimate email addresses from vendors, and sending seemingly real requests for payment.

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SEC Warns Cos To Prioritize Cybersecurity

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The SEC’s investigations focused on “business email compromises” (BECs), where criminals posed as company executives or vendors and used emails to trick employees into sending large sums to fraudulent bank accounts. In total, the nine companies wired nearly $100 million as a result of the frauds, most of which was unrecoverable.

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Shark Tank Star Out $400K In Invoice Fraud Scam

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Invoice fraud scams continue to target businesses of all sizes and industries, with experts warning of a major spike in various iterations of business email compromise scams. Only then did the bookkeeper realize that a fraudster had slightly altered Corcoran’s assistant’s email address to be more convincing.

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COVID-19 Scams Target The Business Community

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Yet the new bill fails to address the gaps that allowed for fraudulent activity among some businesses that had secured PPP loans in the first round of stimulus, the publication alleges. The individual pleaded guilty to wire fraud and money laundering conspiracy. But new concerns are mounting over the U.S.

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