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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.

Funds Transfer Fraud Has Increased 35% Since the Onset of COVID-19

With reported losses from thousands of dollars to well over $1 million, funds transfer fraud represents 27% of cyber insurance claims in 2020.
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Business Email Compromise attacks increase 67% Leading to Fraud, Ransomware, and Data Breaches

Involved in 60% of cybersecurity insurance claims, Business Email Compromise (BEC) is growing in interest by cybercriminals as the initial malicious action as part of a larger attack.
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CEO Fraud Wire Transfer Losses Soar 48% in Q2 2020

Business email compromise attacks—aka CEO Fraud— have taken shape this year, and according to Agari wire transfer losses have significantly increased by 48% in Q2 2020. The average losses ...
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Cybercriminals Target Execs in Microsoft 365 Credential Attack to Launch Internal BEC Scams

A new phishing attack spotted in the wild by security researchers at Trend Micro demonstrates how compromised data in an initial cyberattack is purposed in subsequent attacks.
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Legitimate Accounts for Illegitimate Business Email Compromise

Cybercriminals frequently use email accounts from legitimate services like Gmail to carry out business email compromise (BEC) attacks, Help Net Security reports. Researchers at Barracuda ...
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BEC is the Largest Cyber Threat to UK Sports Entities

The UK’s National Cyber Security Centre (NCSC) released a new report revealing that sports organizations are more than twice as likely to suffer a cyberattack than organizations in other ...
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Business Email Compromise Attacks Focused on Invoice Fraud Surge by 75%

As attacks on the C-Suite decline, new data shows that employees in finance department roles are critical to the success of shifts in attack campaign strategy.
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BEC Isn't Back; It Never Left

Business email compromise (BEC) attacks aren’t new, but they’re growing increasingly effective, according to Zeljka Zorz at Help Net Security. Zorz cites an article from BakerHostetler, ...
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Why BEC Punches Above Its Weight

Business email compromise (BEC) attacks are particularly insidious because they don’t use malware payloads or malicious URLs. That’s a reminder from Evan Reiser, CEO and co-founder of ...
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What to do About BEC?

Funds transfer fraud, also known as business email compromise (BEC), is a much more widespread problem than it seems, according to lawyers at Ice Miller LLP. The attorneys believe this ...
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Cloud-based Business Email Compromise

The FBI’s Internet Crime Complaint Center (IC3) published an alert warning that criminals are exploiting cloud-based email services to carry out business email compromise (BEC) attacks. ...
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New Sophisticated “Exaggerated Lion” BEC Check Scam Uses Mules to Cash Out

You may wonder exactly how BEC scammers see a payday. New insight from security vendor Agari documents how a secondary check scam dupes unsuspecting victims to help.
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Spear Phishing Tops the Canadian Anti-Fraud Center’s List of Attacks

The latest data out of the Canadian Government points out how targeted spear phishing fraud attacks via email are the most lucrative method of attack for cybercriminals in 2019.
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A Single BEC Gang is Launching Thousands of Attacks Per Year

A unique cybercriminal group launched business email compromise (BEC) attacks against more than 2,100 companies in the US between April and August 2019, according to researchers at Agari. ...
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Cyberattacks in 2019 Cost over $3.5 Billion in Victim Losses with Business Email Compromise Taking in Half

The FBI’s annual year-in-review breaks down how 467,000 cyber attacks succeeded in taking consumers and businesses alike for billions of dollars.
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FBI Internet Crime Report Released: The Evolving Threat and Importance of Reporting

The FBI's Internet Crime Complaint Center released its 2019 Internet Crime Report, and by no surprise the bad guys and new scams show no signs of stopping anytime soon. Last year the ...
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5 Tips to Prevent CEO Fraud

Every day, employees are regularly receiving spoofed emails. Even C-level executives are receiving fraudulent requests to transfer money or provide sensitive information. This form of ...
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Domain-Impersonation Increases by 400% as part of Conversational Hijacking Attacks

The latest data from security vendor Barracuda suggests that attackers heavily rely on lookalike domains as part of BEC scams that can result in CEO fraud, malware infection, or ransom.
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Hackers Request Aging Reports to Identify Their Next CEO Fraud Victims for Them

Rather than attempt to hack user credentials and gain access to Accounts Payable applications, hackers are now impersonating the CFO and obtaining all the detail they need to launch a ...
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Fast Work By Cops Recovers $710,000 After CEO Fraud Attack Hits Long Island County Government

Finally some good news. Newsday reports that in record time, Nassau County, New York, recovered $710,000 that was transferred to scammers who were impersonating an existing county vendor.
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