Expert On Insta Star Used BEC Fraud Attack to Steal £100m from Football Club

It was reported over the weekend that an Instagram star is facing criminal charges over an attempt to steal £100m from a premier league club, amongst others, using Business Email Compromise fraud email attacks.


EXPERTS COMMENTS
Tim Bandos, Vice President of Cybersecurity,  Digital Guardian
July 07, 2020
Business Email Compromise continues to be a significant issue.
Business Email Compromise continues to be a significant issue. Companies will traditionally roll out security awareness training to their employees about not opening suspicious email attachments or clicking on links, but how many companies train their staff to refuse or question a direct command from senior staff? The art of “whaling” aims to compromise a senior staff member’s email and the ....
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Ed Macnair, CEO ,  Censornet
July 07, 2020
BEC is so effective because it exploits a human impulse - as the emails often look ‘real’.
The case of an unnamed premier league club losing £100 million from a Business Email Compromise (BEC) scam shows that even the most common form of attacks pose an enormous risk to unsuspecting organisations. BEC is so effective because it exploits a human impulse - as the emails often look ‘real’, these scams take advantage of a very human desire to please a high ranking executive - which mea ....
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Chris Ross, SVP,  Barracuda Networks
July 06, 2020
In many cases, the hacker creates a fraudulent, but realistic-looking, email request for payment of an invoice or transfer of funds.
This incident is another reminder that cyber threats such as Business Email Compromise (BEC) schemes remain active and prevalent, posing a huge risk to unsuspecting organisations. In many cases, the hacker creates a fraudulent, but realistic-looking, email request for payment of an invoice or transfer of funds. The perpetrator will often use the company logo, email signature, and fake purchase or ....
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