A report by Coalition found that more than half (56%) of all 2023 claims were a result of funds transfer fraud (FTF) or business email compromise (BEC), highlighting the importance of email security as a critical aspect of cyber risk management.
Tag: Social engineering
Companies Fall Short on Curbing Cybersecurity Risks from Vendors: Moody’s
Most companies and organizations in the U.S. and Canada fall short on limiting cybersecurity risks from third-party vendors even as they give cyber managers more clout and boost spending on averting attacks, Moody’s Investors Service said in a report.
Dallas County Says Scammed Out of $2.4M in a Fraudulent Wire Transfer
Authorities say Dallas County was scammed out of $2.4 million in a fraudulent wire transaction. The county became aware of the fake payment Nov. 17 and immediately began an investigation, according to a statement by County Administrator Darryl Martin.
Cybercriminals Step Up Social Engineering During Pandemic
Cybercriminals have been going to great lengths throughout 2020 to get their hands on confidential information such as log-in details that let them bypass a company’s security systems and commit theft or fraud by manipulating employees using fake or doctored emails. While this form of online social engineering had declined from Q4 2019 to Q1… Continue reading Cybercriminals Step Up Social Engineering During Pandemic
COVID-19-Related Phishing Scams Likely to Dominate Q2
Ransomware attacks continue to blight organizations of all sizes and sectors. The number of incidents involving ransomware reported to Beazley Breach Response (BBR) Services in the first quarter of 2020 increased by 25% compared to Q4 2019. While no industry was immune, manufacturing experienced the steepest increase of all – up 156% quarter on quarter.… Continue reading COVID-19-Related Phishing Scams Likely to Dominate Q2
Email Scammers Savvier and More Successful than Ever
Email scams—often riddled with typos and written by non-native English speakers in Africa—were once crude attempts to steal money from inexperienced computer users. No more. Federal investigators say these scams have become sophisticated frauds that are costing American businesses and individuals billions of dollars a year. Estimated losses have soared in the past five years… Continue reading Email Scammers Savvier and More Successful than Ever
Hackers Trick Victims Into Big Wire Transfers
In 2018, Frank Krasovec took on a $1 million personal line of credit from PlainsCapital Bank. A few months later, he went on a business trip. When he returned, $450,000 was missing. Mr. Krasovec, the chairman of Dash Brands Ltd., which owns Domino’s Pizza Inc. franchises in China, said he soon learned that someone had… Continue reading Hackers Trick Victims Into Big Wire Transfers
Social Engineering Drives Cybercrime Against Businesses
The cybercriminal who steals information or money from a small business is probably a master of deception and manipulation as well as a techno-expert. When Nancy Butler got a call from someone claiming to be from her information technology service two years ago, she assumed it was a routine checkup by a legitimate staffer. So,… Continue reading Social Engineering Drives Cybercrime Against Businesses
AmWINS Announces New Social Engineering Crime Insurance Solution
AmWINS Group, Inc., a global distributor of specialty insurance products and services, has launched a new solution designed to protect insureds against social engineering losses while also providing education and risk mitigation services. Losses covered under the solution can include those arising from situations where insureds are fraudulently induced into transferring money or securities in… Continue reading AmWINS Announces New Social Engineering Crime Insurance Solution