FBI Business Email Compromise Is A $26bn Scam According To The FBI

Security Experts Comments on the News:

The FBI found yesterday afternoon that BEC/EAC scams cost organisations over $26 billion between June 2016 and July 2019. The threat continues to grow and evolve, targeting small, medium, and large business and personal transactions. Between May 2018 and July 2019, there was a 100 percent increase in identified global exposed losses.

Based on the financial data, banks located in China and Hong Kong remain the primary destinations of fraudulent funds. However, the Federal Bureau of Investigation has seen an increase of fraudulent transfers sent to the United Kingdom, Mexico, and Turkey.

Robert Ramsden Board, VP EMEA ,  Securonix
September 13, 2019
Training staff to always verify the authenticity of an email, before taking action, is vital.
BEC attacks are clearly surging and it’s not surprising considering the financial return cyber criminals are seeing. The attacks are easy to carry out and carry a fairly low risk as many people behind the scams never get caught. When it comes to protection against BEC attacks, employee security training is critical as the attacks target people’s naivety not to question emails when they are co ....
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Javvad Malik, Security Awareness Advocate,  KnowBe4
September 11, 2019
BEC scams rarely, if ever, need any malware to be effective and operate on deceiving users.
From an attackers perspective looking to make money, BEC scams are the perfect blend of low cost and high return. BEC scams rarely, if ever, need any malware to be effective and operate on deceiving users. This is why providing appropriate and timely security awareness training is so important, as well as having supporting controls in place so that one person cannot create, authorise and execute ....
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Kevin Epstein, Vice President of Threat Operations,  Proofpoint
September 11, 2019
We recommend layered defenses at the network edge, email gateway, in the cloud, and endpoint, along with strong user education.
More than 99 percent of cyberattacks need humans to click and act—and BEC attacks rely squarely on individuals to take action by preying on human psychological responses to urgent matters such as wiring money and sending confidential data, often to satisfy some immediate but fictional business need. Organizations need to take immediate steps to significantly reduce the chances that a BEC attack ....
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