Email Scammers and the Threat to Your Business

By Martin Bannister

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.