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
    A Webinar Movie This presentation is intended for those who are planning to participate in an infotex incident response test. Please let us know what questions you have, when we have our Plan Walkthrough and Test Plan Approval meeting!
    What you need to know for compliance coast-to-coast. Back in 2020 we posted an article containing links to data breach laws from each state, and it has proven to be one of our more popular posts.  Because laws surrounding the use (and abuse) of technology are always evolving, we thought it was worth taking another […]
    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! In the spirit of October and Halloween we have put together a gallery of our “spooky” Awareness Posters at halloween.infotex.com. Use them to help decorate for the holiday! Check […]
    With nearly three in four people using third-party payment services tied to their bank accounts, the risk isn’t limited to your own policies and procedures… An article review. When working on cybersecurity awareness messages for your customers you may be inclined to focus on your own systems, but a new study on security in digital […]
    PRESS RELEASE – FOR IMMEDIATE RELEASE BUSINESS NEWS NEW EMPLOYEE FOR INFOTEX infotex is excited to announce that Cody Smith has joined the team as the newest Data Security Analyst. Cody holds several industry certifications (including the most recent: SSCP) as well as a B.S in Cyber Security & Information Assurance from Western Governors University. […]
    It’s all about protecting Customer information . . . In 1999 the Gramm-Leach-Bliley Act (GLBA) directed the Federal Deposit Insurance Corporation (FDIC) and other federal banking agencies to ensure that financial institutions have policies, procedures, and controls in place to prevent the unauthorized disclosure of customer financial information.  The FDIC and other federal banking agencies […]
    A Ghoulish Gallery! Just a few scary-themed Awareness posters from our collection, which you can see at posters.infotex.com! Below you will find both the vertical and horizontal versions of each of the posters, all you need to do is “right-click > “Save link as…” to download! Vertical 8.5″ x 11″ Format   Horizontal 11″ x […]
    What to Expect in an Annual Information Security Report to the Board Webinar-Movie Information security ranks as a top risk to financial institutions, both in terms of likelihood and overall impact. It is important that boards receive annual comprehensive reporting from management about the information security risks and incidents, and the actions taken to address […]
    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 […]
    With the potential to break all existing forms of encryption, quantum computing poses a unique challenge… An article review. While quantum computing has been a buzzword for some time now the technology remains largely theoretical, with small scale proofs-of-concept that still suffer from serious limitations.  That hasn’t stopped security researchers from worrying about the technology’s […]