See New Tactics Now Used By Internet Fraudsters
You may be on guard against falling in love online lest you get trapped by fraudsters, but they have now evolved new ways that catches most people off guard.
Internet scammers have evolved from impersonating love interests, princes and U.S. soldiers in favour of hijacking corporate emails.
These new tactics cost businesses hundreds of millions of dollars a year.
The scam is known as Business Email Compromise, BEC, and according to a report by cybersecurity firm CrowdStrike issued on Thursday, it is a much more lucrative venture that works by gaining access to corporate email login details or passing off almost-identical addresses as the real deal.
These rackets now dwarf other types of online criminal theft, amounting to at least $5.3 billion of losses between October 2013 and the end of 2016, said CrowdStrike and the U.S. FBI’s Internet Crime Complaint Center (IC3).
“There’s a disproportionate amount of criminal gains they get from it,” Adam Meyers, Vice President of intelligence at California-based CrowdStrike, told Reuters.
“The lion’s share of ill-gotten, fraudulent money is around these business email compromise attacks. It’s a huge problem for our customer set,” he added.
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