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
      Alternatives From 2020 Conferences The 2020 Update Another one of those Dan’s New Leaf Posts, meant to inspire thought about IT Governance . . . . Each year as we go to various conferences throughout the Midwest ranging in scope; from small banker conferences that Dan himself moderates, to hacker conferences like Defcon.  We […]
    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! Download the large versions here: Awareness Poster (Portrait) Awareness Poster (Landscape)   You are welcome to print out and distribute this around your office.  
    The IBA Presents an infotex Workshop: Tech-Shop (A Virtual Workshop for Banks IT Geeks) Live Workshop Time for a workshop for the technical side of the community-bank. Time for a workshop full of command lines and configurations, acronyms we are forbidden to use around management, and even dark-web jokes. Time for a workshop where we […]
    An Analogy… …About Taking Better Notes Another one of those Dan’s New Leaf Posts, meant to inspire thought about IT Governance . . . . An interesting set of metaphors arose out of our efforts to improve our time management practices at infotex.  In the spirit of sound strategic planning, we as a team decided […]
    A Webinar-Movie In our current world of uncertainty there is at least one thing that is certain. Business needs to continue, and that means that it is important for managers to be able to meet with their team even if everyone is working remotely at this point. In this Webinar-Movie, Dan will compare virtual meeting […]