The average amount stolen in a business email compromise scam increased 48% during the second quarter of 2020, but the number of attacks decreased during that period, the Anti-Phishing Working Group reports.
A data breach affecting the South African branch of credit reporting company Experian exposed information on 24 million consumers and almost 800,000 businesses, according to the South African Banking Risk Information Center. But Experian says no consumer credit or financial information was exposed.
To help mitigate the risks posed by business email compromise scams that target privileged users, enterprises need to create a detailed enterprise risk management plan that spells out procedures to secure accounts, says Espen Otterstad, CISO at Norwegian telematics company ABAX AS.
The operators behind the AgentTesla remote access Trojan have upgraded the infostealer with additional capabilities, including the ability to steal credentials from VPNs, web browsers, FTP files and email clients, Sentinel Labs reports. The low-cost malware is used in BEC scams and other campaigns.
High-speed trading firm Virtu Financial says it lost $6.9 million in a business email compromise scam in May. The company is now suing its insurer for failure to cover the loss.
A recently uncovered BEC scam has targeted the Office 365 accounts of executives at over 1,000 companies worldwide, collecting more than 800 sets of credentials in an attempt to commit payment fraud, according to Trend Micro.
Ask a group of security analysts about the challenges of working in cybersecurity, and you'll likely hear some common themes, like a high volume of security alerts, too many security point-products to manage, and a shortage of skilled cybersecurity talent.
Many teams have turned to security orchestration,...
The day after President Trump issued executive orders to ban Chinese-owned social media apps TikTok and WeChat, Sanjay Virmani of the FBI's San Francisco office shared insights on the Chinese cyberthreat, election security and crime trends in the wake of COVID-19.
The U.S. Secret Service is combining its electronic and financial crime units into a single task force that will focus on investigating cyber-related financial crimes, such as BEC schemes and ransomware attacks. The move comes as lawmakers push for the Secret Service to take a more active role in fighting cybercrime.
Fraud is constantly evolving. As organizations close one door to fraud, fraudsters find another. We track cybercrime to help us develop industry-leading fraud prevention solutions. You can use this information to help you stay one step ahead.
This report details the anatomy of global fraud networks to better...
A Nigerian entrepreneur has pleaded guilty to charges stemming from an $11 million business email compromise scheme that targeted a U.K. affiliate of U.S. heavy equipment manufacturer Caterpillar.
The attack sounds ripped from an episode of TV show "24": Hackers have infiltrated a government network, and they're days away from unleashing ransomware. Unfortunately for Florence, a city in Alabama, no one saved the day, and officials are sending $300,000 in bitcoins to attackers for a decryption key.
Europe is targeting financial and economic crime, including fraud and money laundering, via the new European Financial and Economic Crime Center, hosted by the EU's law enforcement intelligence agency Europol. Officials say the launch of such a center during the COVID-19 pandemic is no accident.
Join experienced incident response investigators Shane Shook, PhD - Advisor & Venture Consultant, Forgepoint Capital, and Tim Keeler, Co-founder & CEO at Remediant, as they exchange war stories of stopping ransomware and lateral movement from past investigations.
They will also showcase a live demo of how state...
Fraudsters have conned Norfund, a private equity investment firm based in Oslo, Norway, out of more than $10 million in what the company calls an "advanced data breach." But the incident bears the hallmarks of a business email compromise scam.
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