AI-Powered Invoice Fraud: How This Latest Scam Hijacks Your Business Transactions

business-invoice-swapperResecurity is tracking a cybercriminal gang called “GXC Team” that develops and sells tools to facilitate online banking theft and social engineering attacks.

In November, the gang began selling a tool that uses artificial intelligence to craft fraudulent invoices for use in business email compromise (BEC) attacks. The invoices can hijack business transactions by replacing banking information contained in legitimate invoices.

“This tool employs proprietary algorithms to scrutinize compromised emails through POP3/IMAP4 protocols, identifying messages that either mention invoices or include attachments with payment details,” the researchers write.

“Upon detection, it alters the banking information of the intended recipient (like the victim's supplier) to details specified by the perpetrator. The altered invoice is then either replaced in the original message or sent to a predetermined list of contacts. These methods are commonly employed in wire fraud and well-known bogus invoice scams. Often, accountants and staff in victimized companies do not thoroughly check invoices that appear familiar or nearly genuine, leading to unverified payments.”

This tool is the latest in a wide variety of social engineering platforms developed by the threat actor.

“Previously, the ‘GXC Team’ gained notoriety for creating a wide array of online fraud tools, ranging from compromised payment data checkers to sophisticated phishing and smishing kits,” Resecurity says.

“They have been considered the masterminds in this illicit field, supplying fellow cybercriminals with a suite of ready-to-use tools designed to defraud innocent consumers globally. Additionally, they offer ongoing updates and technical support for conducting fraud. Presently, the tools crafted by the ‘GXC Team’ are capable of targeting over 300 entities, including top financial institutions, government services, postal services, cryptocurrency platforms, payment networks, and major international online marketplaces.”

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Resecurity has the story.

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