Security Awareness Training Blog

CEO Fraud Blog

News about the latest CEO fraud attacks. See how the bad guys actually do this and how much money companies lose to this type of scam.

Big Bad BEC

A Chinese venture capital firm was scammed out of $1 million in a noteworthy BEC (Business Email Compromise, or CEO fraud) scam, CyberScoop reports. The million dollars was supposed to be ...
Continue Reading

Business Email Compromise Topples Over $26 Billion in Losses

This lucrative business of tricking companies into fraudulently transferring funds into cybercriminal-owned bank accounts is showing signs of growing. Scammers use many forms of attack to ...
Continue Reading

It's Happening The World Over: $300K Lost To Phone Scammer

A woman in Singapore lost $300,000 to a scammer posing as a Singtel customer service employee, according to the Straits Times. The scammer told the victim he would fix some problems with ...
Continue Reading

IT Budgets Are on the Rise in Part Due to Organizational Concerns for Security

Security remains a primary driver as organizations work to establish budgets that keep IT cutting edge, competitive, and secure, according to new data from Spiceworks.
Continue Reading

Your CEO's Email May Be Hacked And You Don't Even Know It

Hackers focused on CEO fraud (or Business Email Compromise - BEC) attacks often go to great lengths to hide the fact they have access to your CEO’s mailbox as part of a larger scam.
Continue Reading

Here Is A New Term For Your Cybercrime Glossary: Vendor Email Compromise (VEC)

Agari’s latest Email Fraud & Identity Deception Trends report highlights the growing threat of vendor email compromise (VEC), according to SecurityWeek. This is a variety of business ...
Continue Reading

"Staggering" Increase in Business Email Compromise--aka CEO Fraud

Mimecast’s quarterly Email Security Risk Assessment (ESRA) identified millions of dangerous emails making it through security filters, including a 269% increase in business email ...
Continue Reading

Fake News and Deepfakes: Harmless Fun or the Future of Fraud?

We have all seen them. Fake news articles that get passed off as legit sources. Misleading memes. Entertaining videos that swap people’s faces. But what if these deception techniques were ...
Continue Reading

CEO Fraud Attacks Now Use Deepfake Audio and AI to Mimic Executives Over the Phone

While deepfake video gets most of the attention on social media, it’s deepfake audio that is quickly becoming the cybercriminal’s tools of choice for committing fraud.
Continue Reading

How Can You Check If Your Email Is Compromised?

Rudy Friederich, a KnowBe4 friend at Marshal Security LLC sent me the following interesting tips related to finding out if you are the victim of Business Email Compromise. He wrote:
Continue Reading

FBI Cyber Warning: Attacks On Key Employees Up 100%, As 281 Are Arrested

Zak Doffman, contributor at Forbes reported: "There is a cyberattack epidemic hitting businesses around the world, targeting individuals responsible for requesting fund transfers or ...
Continue Reading

The FBI Updates Their Numbers And BEC Is Now A 26 Billion Dollar Scam

FBI's Internet Crime Complaint Center (IC3) says that Business Email Compromise (BEC) scams —aka CEO Fraud—are continuing to grow every year, with a 100% increase in the identified global ...
Continue Reading

CEO Fraud Overtakes Ransomware And Data Breaches In EMEA Cyber-insurance Claims

CEO Fraud—also known as Business Email Compromise—related cyber-insurance claims accounted for nearly a quarter of all claims in the EMEA region, AIG said.
Continue Reading

Gift Cards Are Now the #1 Business Email Compromise Cash-Out Mechanism for Fraudsters

Overtaking wire transfers and payroll diversion, gift cards have taken a material lead as one of the easiest and least recoverable ways to cash out of a fraud scam. 
Continue Reading

Blank Emails Come Before BEC Fraud Attack

Business email compromise (or CEO fraud) has its reconnaissance phase, too. Researchers at Agari say they’ve found that blank, unsolicited emails are often an early sign that a BEC gang ...
Continue Reading

Business Email Compromise Doubles in Incidents and Triples in Cost

The latest data from the U.S. government’s Financial Crimes Enforcement Network (FinCEN) shows fraud via business email is changing tactics and becoming more effective.
Continue Reading

CEO Fraud hits B.C. lawyers for $2 million

Two B.C. law firms were targets of so-called social engineering frauds causing almost $2 million in real estate and investment funds to be wired to people other than clients the firms ...
Continue Reading

Pleading Guilty to Business Email Compromise

Amil Hassan Raage has taken a guilty plea to charges of fraud in a business email compromise (aka CEO fraud) case that netted him and his criminal co-conspirators almost three-quarters of ...
Continue Reading

Freight Forwarding Email Scams are Business Killers

The Australian Cyber Security Centre (ACSC) has warned that multiple Australian IT suppliers have permanently closed their doors after falling victim to procurement scams, CRN reports. ...
Continue Reading

CEO Fraud Phishing Scams Versus The U.K. Solicitors

The UK’s Solicitors Regulation Authority (SRA) has warned of another email scam that impersonated a real law firm in order to hijack a real estate transaction, according to Martin Parrin ...
Continue Reading

Get the latest about social engineering

Subscribe to CyberheistNews