About Us | Contact Us
View Cart

The 12 Billion Dollar Scam

By Vigilize | Sunday, July 22, 2018 - Leave a Comment

New FBI statistics suggest compromised business email accounts have led to over 12 billion dollars in losses since 2013…


An article review.


Be Suspicious When Anyone Requests that you Send Them Money!

So much attention has been paid to ransomware, botnets and other relatively recent developments that it’s easy to forget about some of the older threats that are still out there claiming victims. Our friend Wes Pollard from HomeBank reminded us of one of those threats recently when he submitted this announcement from the FBI’s Internet Crime Complaint Center about business email compromise (BEC).

While most people remain vigilant when receiving emails from unknown sources, with business email compromise the messages are coming from a trusted address and so the recipient may be more likely to open the message and follow its instructions. How likely are people to open these messages? Using cases reported directly to the FBI since 2013, there were over 41,000 reported cases totaling nearly three billion dollars in losses. If you expand the cases to those reported to other agencies since 2013, the number of victims totals nearly 80,000, with losses exceeding 12 billion dollars.

Fortunately, preventing these kinds of attacks is fairly simple: a person’s identity should be positively verified before releasing private information or changing account information. This is especially important as the FBI has noted some attackers using phone calls in coordination with a compromised email account in their schemes: a caller will use the fact that they just sent a message from the compromised account as proof they are the person they are impersonating.

Even if someone gains control of a “trusted” email address, if your employees are asking out-of-wallet questions to verify identities the bad guys won’t get very far.


Original article by the Internet Crime Complaint Center.


same_strip_012513


 

Latest News
    Reasons why we should be considered! infotex provides a number of services that can be checked out if you click over to offerings.infotex.com! We even made a movie with all the reasons why infotex should be your next MSOC!  
    infotex and GoTo To all infotex managed security service Clients: As recently reported by major news outlets there was a data breach affecting GoTo (formerly LogMeIn) wherein attackers stole encrypted backups containing customer information in November 2022.  Based on the advisory from GoTo the products they offer that are affected include LogMeIn Pro, LogMeIn Central, […]
    An option for increasing security for ALL organizations. . . The threat landscape is evolving daily, and it is becoming increasingly difficult for even large organizations providing cyber defense services to keep up. As Brandao (2021) notes, it is important for organizations to adapt holistic technologies that can correlate all attack events. Therefore, developing XDR […]
    Another awareness poster for YOUR customers (and users).  Now that we have our own employees aware, maybe it’s time to start posting content for our customers! Check out posters.infotex.com for the whole collection! Download the large versions here: Awareness Poster (Portrait) Awareness Poster (Landscape) You are welcome to print out and distribute this around your […]
    A relic of the internet’s less secure past, many small firms struggle to secure their email systems… An article review. With a great deal of cybersecurity related news focused on new threats and similarly new techniques aimed at combating them, it can be easy to forget some of the older threats that have never gone […]
    Seven Trends . . . …that small bank Information Security Officers face in 2023 Another one of those Dan’s New Leaf Posts, meant to inspire thought about IT Governance . . . . Welcome to the Magnificent Seven, my annual predictive article about the seven trends in technology that will impact the Information Security Officers of […]
    System Security and Cybersecurity are not the same thing. . . Another one of those Dan’s New Leaf Posts, meant to inspire thought about IT Governance . . . . Regarding “information security,” the last thirty years have seen an evolution of frameworks, laws, and assessment approaches which intimidate the management team with their complexity.  […]
    The cryptographic algorithm is vulnerable to attack and is no longer considered secure… An article review. NIST has announced that it plans to retire the SHA-1 cryptographic algorithm by the end of 2030, citing multiple vulnerabilities in the standard, effectively ending its use after nearly 30 years.  Introduced in 1995, SHA-1 used a 160-bit hash […]
    Another awareness poster for YOUR customers (and users).  Now that we have our own employees aware, maybe it’s time to start posting content for our customers! Check out posters.infotex.com for the whole collection! Download the large versions here: Awareness Poster (Portrait) Awareness Poster (Landscape) You are welcome to print out and distribute this around your […]
    Trending: Awareness Posters Meet Infographics Here are the top seven posters as of the last twelve months! As always, our Awareness Posters were a hit in 2022! So we decided to run some reports to see what our most popular posters were since November 2021. As everybody loves top ten lists and contests, we thought […]