Business Email Compromise

Some government institutions and medical facilities that want to buy equipment unconsciously transfer money to hackers have finally found that the equipment requested is not there and their money is lost.Also read: outsource it support  Also, in 2019, a group of attackers infiltrated and monitored Office 365 accounts from three financial organizations.

Using this type of "man-in-the-middle" approach, the group behind the attack managed to request and receive a transfer of money worth more than $ 1.2 million.Also read: it supports services company BEC campaigns usually use three different methods to disguise as legitimate email accounts: Usually, the spoof striker's original email address, which can be done easily because the SMTP protocol does not offer an efficient way to validate the sender.

Second, the attackers register and send emails from domain names such as the actual domain they want to cheat.

They can then send emails from actual accounts for legitimacy that facilitate their success in asking and receiving money.

Organizations need to constantly train back and maintain the message of security awareness in front and middle through several channels, including bulletins, web pages, online lessons, webinars, or presentations.Also read: it solutions companyEvery time irreversible actions such as money transfers begin, the transaction details must be verified through additional methods such as voice communication and should not exclusively rely on email correspondence.

Review existing protocols, and separation of tasks for financial operations.

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A spear phishing hacking group, working out of the United Kingdom and Nigeria, has been using business email compromise (BEC) scams and have stolen more than $12 million.

This group targeted small and midsize businesses from various industry groups such as manufacturers, hotels, universities, cloud service operators, and so on.

BEC scams have caused more than $12 billion in losses since 2013, and the threat is increasing in terms of exposed losses.

The destination banks are usually located in China, Hong Kong, UK, Mexico, and Turkey.

Scammers use the IRS W-2 forms and other Personally Identifiable Information (PII) requests to build their campaigns.

Year-end enrollment is one of major sources of PII requests.

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Phishing, spear phishing, social engineering and diversion fraud cannot be ignored by law firms

The legal sector presents the perfect playground for cyber attackers, with sensitive data waiting to be exploited and the reputations of law firms waiting to be destroyed, writes Andy Pearch, Head of IA Services, CORVID.

To combat these threats, law firms need to move away from placing the burden of spotting cyber attacks on employees, and instead use sophisticated detection engines and threat intelligence sources to transform their email security and threat protection.

While no business wants to risk damaging their reputation, it is particularly critical for the legal sector.

From intellectual property to personal data, the value of information held by law firms is high, making them a big target for any cyber criminal.

In reality, though well-protected FTSE 100 companies are tempting prey, their legal representatives provide equally rich rewards and are, unfortunately, likely to be easier to breach.