I was at a very interesting event this week where they were discussing email scams and a very real threat to your business is Business Email Compromise (BEC) also known as Whaling (getting big fish) or CEO Fraud.
It was staggering to see the financial numbers that were being extorted from businesses and the amount of money was by far higher than that of Ransomware.
One such incident which was reported by Leoni AG was 40 million Euros. This occurred when an overseas factory was targeted and a request to transfer the money from what the recipient believed to be the parent company. More information this event was posted here.
These scammers had already hacked the system and were able to gather inside information about how the business operated. They were able to target the victim with this inside information in order to dupe them into making the transfer.
This got me thinking – how easy would it be to dupe my finance department into making a false transfer? We are currently planning an office move to new premises in December. I asked my finance team if they received an email from me requesting to transfer a deposit would they? They said yes and they would not think twice about it!
The important message here is this: scammers can easily imitate your email address. If they are able to infiltrate your systems they would be able to get inside information about your business dealings. They could even just scour social media to get information about company events and your movements. They would then be able to send a targeted email which contains believable information to dupe recipients into releasing money.
I encourage you to pass this onto to company owners and finance departments to help raise awareness.
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