Think BEC Won’t Cost You Much? How Does $130 Million Sound?

May 13, 2022 8:05:12 AM By Stu Sjouwerman

A new lawsuit brings to light the all-too common occurrence of an attack, with this occurring during a business acquisition and costing the buyer more than they bargained for.

Business Email Compromise Shouldn’t Be the Cost of Doing Business

May 9, 2022 9:11:25 AM By Stu Sjouwerman

The FBI last week published a public service announcement updating its warnings about the continuing threat of business email compromise (BEC, also called CEO fraud). The problem has ...

Business Email Compromise (BEC): the Costliest Cybercrime

Apr 12, 2022 8:52:35 AM By Stu Sjouwerman

Organizations in the US lost $2.4 billion to business email compromise (BEC) scams (also known as CEO fraud) last year, according to Alan Suderman at Fortune.

Cost of Internet Crimes in 2021 Increase 64% Exceeding $6.9 Billion

Mar 31, 2022 11:52:17 AM By Stu Sjouwerman

New data from the FBI’s Internet Crime Complaint Center (IC3) shows a massive increase in the cost of internet crimes, with phishing and BEC topping the list.

FBI: Scammers Take Business Email Compromise Attacks to Virtual Meeting Platforms

Mar 4, 2022 8:34:12 AM By Stu Sjouwerman

In a new twist on an old scam, BEC attacks switch from email to a virtual meeting where social engineering tactics are used to further establish credibility and increase the likelihood of ...

Business Email Compromise Attack Leads to Millions in Non-Profit Loss

Jan 11, 2022 9:52:45 AM By Stu Sjouwerman

A business email compromise attack at Illinois’s Office of the Special Deputy Receiver led to a loss of $6.85 million, Ray Long at the Chicago Tribune reports. Long describes the Office ...

Business Email Compromise-as-a-Service Emerges as Attempted Fraud Soars to as High as $6 Million

Nov 9, 2021 1:38:26 PM By Stu Sjouwerman

BEC scammers set their sights on payoffs in the millions of dollars, and are following the path of their ransomware counterparts by evolving services while organizations struggle to keep ...

Ex-Bank of America Employee Charged with Business Email Compromise Money Laundering

Oct 19, 2021 8:21:16 AM By Stu Sjouwerman

A three-person team – including a personal banker at Bank of America – have been indicted for reportedly being behind a BEC scam that took 5 companies for over $1.1 Million.

U.K. Authorized Push Payment Scams Jump 71% in First Half of 2021, Taking in £355 Million

Oct 8, 2021 9:09:44 AM By Stu Sjouwerman

Surpassing credit card fraud in the U.K., scamming victims into sending money to a fraudulent bank account has taken the lead spot in fraud scams that could cost U.K. residents more than ...

5th Circuit Court Finds Cyber Insurer Must Pay for $1 Million Social Engineering Attack

Sep 30, 2021 8:19:24 AM By Stu Sjouwerman

A simple social engineered Business Email Compromise attack resulted in fraud that the cyber insurer contended was not covered under the policy.

Enterprise Organizations Have as Much as an 85% Chance of Receiving a BEC Attack Every Week

Sep 16, 2021 2:07:40 PM By Stu Sjouwerman

Business Email Compromise is a multi-billion dollar business, representing 43% of all cybercrime last year. Despite it being dwarfed in the news by ransomware, it represents a growing ...

Business Email Compromise Scam takes New Hampshire Town for $2.3 Million

Sep 13, 2021 11:39:52 AM By Stu Sjouwerman

Social engineering is at the heart of this attack, where scammers successfully tricked a town into redirecting not just one but several bank transfers.

BEC, Fraud, and Ransomware Attacks Are All on the Rise and Costing More Than Ever

Sep 8, 2021 4:05:54 PM By Stu Sjouwerman

New data from cyber insurer Coalition puts the spotlight on not only how much worse attacks are getting, but claim data paints the picture that organizations just aren’t ready.

Email-Based Cyberattacks Double Between January and June

Sep 3, 2021 8:19:41 AM By Stu Sjouwerman

Over 2.9 Billion email-based threats were detected in the first half of 2021. Business Email Compromise, obfuscation, and living off the land reigned, according to new data from Zix.

BEC and the Underworld's Resources

Sep 2, 2021 8:47:27 AM By Stu Sjouwerman

Researchers at Intel 471 have observed cybercriminals outsourcing talent for business email compromise (BEC) attacks. This tactic lowers the bar of entry for BEC attacks, which are ...

BEC Attacks Are Targeting Lower-Level Employees

Aug 5, 2021 8:48:30 AM By Stu Sjouwerman

A new report from Barracuda found that most business email compromise (BEC) attacks are now targeting employees who aren’t in executive or financial roles.

Microsoft Takes Down Homoglyph Domains

Jul 22, 2021 10:44:51 AM By Stu Sjouwerman

Microsoft has taken legal action to shut down eighteen domains that were being used in business email compromise (BEC) attacks. The sites in question used homoglyphs to impersonate ...

Spear Phishing Impersonation Attacks Take on New Tactics to Become More Convincing and Effective

Jun 30, 2021 4:31:09 PM By Stu Sjouwerman

As part of Business Email Compromise attacks, spear phishing now plays a material role, with impersonation sitting firmly at the core of their social engineering tactics… in more ways ...

Business Email Compromise Attacks Are Evolving, Becoming More Convincing and More Expensive

May 28, 2021 9:51:22 AM By Stu Sjouwerman

The “business” of BEC is becoming increasingly more lucrative for cybercriminals, as they develop new ways to defraud individuals and organizations of their money.

A Popular Fraud Combo is Back: Elon Musk and Bitcoin

May 26, 2021 1:56:37 PM By Stu Sjouwerman

Researchers at Bitdefender warn that cybercriminals continue to impersonate Elon Musk in Bitcoin scams. One campaign that started on May 15 involved sending thousands of emails telling ...

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Think BEC Won’t Cost You Much? How Does $130 Million Sound?

Business Email Compromise Shouldn’t Be the Cost of Doing Business

Business Email Compromise (BEC): the Costliest Cybercrime

Cost of Internet Crimes in 2021 Increase 64% Exceeding $6.9 Billion

FBI: Scammers Take Business Email Compromise Attacks to Virtual Meeting Platforms

Business Email Compromise Attack Leads to Millions in Non-Profit Loss

Business Email Compromise-as-a-Service Emerges as Attempted Fraud Soars to as High as $6 Million

Ex-Bank of America Employee Charged with Business Email Compromise Money Laundering

U.K. Authorized Push Payment Scams Jump 71% in First Half of 2021, Taking in £355 Million

5th Circuit Court Finds Cyber Insurer Must Pay for $1 Million Social Engineering Attack

Enterprise Organizations Have as Much as an 85% Chance of Receiving a BEC Attack Every Week

Business Email Compromise Scam takes New Hampshire Town for $2.3 Million

BEC, Fraud, and Ransomware Attacks Are All on the Rise and Costing More Than Ever

Email-Based Cyberattacks Double Between January and June

BEC and the Underworld's Resources

BEC Attacks Are Targeting Lower-Level Employees

Microsoft Takes Down Homoglyph Domains

Spear Phishing Impersonation Attacks Take on New Tactics to Become More Convincing and Effective

Business Email Compromise Attacks Are Evolving, Becoming More Convincing and More Expensive

A Popular Fraud Combo is Back: Elon Musk and Bitcoin

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