Sunday, November 28

▷ Business Email Compromise – the neglected cybersecurity threat

27.10.2021 – 13:22


Florida, USA (ots)

Jelle Wieringa, Security Awareness Advocate bei KnowBe4

The FBI describes Business E-Mail Compromise (BEC) as an elaborate scam, also known as CEO scam, that targets companies that work with overseas suppliers and / or make regular transfers. This scam compromises legitimate business email accounts using social engineering or computer intrusion techniques to conduct unauthorized money transfers.

The problem is that BEC is now causing massive financial losses and more damage per incident than other types of cybercrime. According to a recent GreatHorn report, spoofed email accounts or websites are the most common form of BEC attack. 71 percent of companies said they had experienced such an attack in the past year. And according to that FBI’s 2020 Internet Crime Report BEC attacks are responsible for losses that are 64 times higher than those of ransomware. The FBI also estimates companies lost $ 1.8 billion to BEC fraud in the past year.

An example of the scope of such attacks is the incident at Bank of America. She was the victim of a BEC attack that defrauded five companies for more than $ 1.1 million. Another, less drastic, case occurred in Leipzig at the beginning of September, where a young man emailing his company address from a stranger who pretended to be the managing director of his company. In it, he was asked to contact them on a mobile phone number sent with them via Messenger and to get Google Play cards, iTunes cards, Steam cards and Apple cards. The victim followed the instructions and sent the stranger the codes of the purchased vouchers. After consulting with his actual boss, it became clear that the email was not from him and that it was a BEC scam. Overall, this resulted in financial damage in the mid four-digit range.

Press contact:

Kafka Kommunikation GmbH & Co. KG
On the egg meadow 1
82031 Grünwald
[email protected]
089 747470580

Original content by: KnowBe4, transmitted by news aktuell

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