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How Financial Institutions Can Combat Business Email Compromise (BEC)

Fi911

Business email compromise attacks cost organizations $2.4 Future-Proofing Against Evolving BEC Threats Deepfake technology brings new challenges. The post How Financial Institutions Can Combat Business Email Compromise (BEC) appeared first on fi911blog.

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Cyber Threats Surge in India’s Financial Sector

Fintech News

The surge of deepfakes The rise of AI has also led to a surge in deepfake attacks. The technology is enabling large scale impersonation scams, including executive-level business email compromise (BEC) attacks and misinformation campaigns. Losses are projected to reach INR 700 billion (US$8.3 billion) in 2024 alone.

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Deepfakes Threaten To Become The New BEC Scam

PYMNTS

The business email compromise (BEC) scam continues to rear its ugly head at the enterprise, with the global pandemic creating even more avenues through which cyber attackers can steal company money. Even for businesses that have yet to be targeted in a deepfake attack, Sadler emphasized the importance of proactive efforts.

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Toyota Unit Loses $37M To Vendor Payment Fraud

PYMNTS

9) that Toyota Boshoku Corporation, one of Toyota’s car parts suppliers, lost more than $37 million to a Business Email Compromise scam, in which a cybercriminal directed a professional within the company to pay a fraudulent vendor invoice. “A billion has been lost to the Business Email Compromise scam between 2013 and 2018.

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How Cybersecurity Tries To Keep Up With Attackers’ Evolving Strategies

PYMNTS

Though the tactic is unusual, cybersecurity experts warn the strategy could signal an increasing use of so-called “deepfake” technology to infiltrate systems and steal company cash. Australia is now seeking comment from industry experts to address modern cyber threats in both the private and public sector.