This week's ISMG Security Report analyzes the cost of business email compromise attacks and the recent arrest of dozens of suspects. Also featured: updates on the easy availability of low-cost hacking tools and the latest payment card fraud trends.
A global law enforcement operation has resulted in the arrest of 281 suspects allegedly involved in business email compromise scams. The announcement comes on the same day as the FBI's Internet Crime Complaint Center says that losses from BEC scams have hit $26 billion and are continuing to rise.
Account takeover (ATO) attacks result in billions of dollars of fraud and damage to brand reputation each year. These are the costs and risks associated with ATO.
A new variant of the TrickBot banking Trojan is enabling attackers to conduct SIM swapping schemes against Verizon Wireless, Sprint and T-Mobile customers in the U.S., potentially paving the way for account takeover fraud, according to a report from Dell's SecureWorks division.
Eighty suspects, most of them Nigerian nationals, have been indicted on charges of running global business email compromise and romance scams that led to millions of dollars in fraud and allegedly involved a complex money-laundering operation.
The FBI has arrested a Nigerian businessman for allegedly carrying out an $11 million business email compromise scheme that targeted a U.K. affiliate of U.S. heavy equipment manufacturer Caterpillar.
A newly identified phishing campaign used Google Drive to help bypass some email security features as attackers attempted to target a company in the energy industry, security firm Cofense reported this week.
A recent attempt by hackers to trick a mental health provider into transferring funds serves as a reminder to other healthcare entities about the threat of business email compromises.
Business email compromise scams are surging, and they're costing U.S. companies a total of more than $300 million a month, according to a recently released analysis by the U.S. Treasury Department. The report pinpoints which sectors are hardest hit by this type of fraud.
A growing area of concern for security researchers is a new crop of business email compromise schemes originating from Nigeria, with scammers upping their game by using new malware. The biggest of the crime gangs is SilverTerrier, according to Palo Alto Network's Unit 42.
Fraud, e-hustles and social engineering attacks continues to proliferate, the FBI's latest report into the state of internet crime confirms. But over the past year, a new FBI tactic for quickly stopping fraudulent wire transfers has notched notable successes.
A 31-year-old Maryland man will serve time in prison for his leadership role in a business email compromise scheme that netted him and five others $4.2 million from 13 victims over a two-year period.
West African fraudsters have moved beyond Nigerian prince scams and embraced business email compromises and other types of attacks, says Crane Hassold of Agari.
Beazley Breach Response Services, a unit of global insurance company Beazley, reports that nearly half of the more than 3,300 breaches it investigated last year traced to a hack attack or malware infection. And half of those hacking/malware attacks were tied to business email compromise schemes.
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