CEO Fraud Wire Transfer Losses Soar 48% in Q2 2020

Business email compromise attacks—aka CEO Fraud— have taken shape this year, and according to Agari wire transfer losses have significantly increased by 48% in Q2 2020. The average losses of these attacks are $80,000, and the findings came from the Anti-Phishing Working Group’s latest Phishing Activity Trends Report.

Agari also noticed that BEC losses that involved bank transfer attacks also resulted in BEC losses, with this type accounted for 18% of total attacks in wire transfer loss. Gift cards are noted to be the most popular way cybercriminals can benefit from these type of attacks.

Cards from popular retailers such as iTunes, Apple, Steam Wallet, eBay, and Google Play accounted for the majority of attacks. Agari also reported on the cybercrime group with Russian ties known as Cosmic Lynx, which demands roughly $1.3 million in reparation money per BEC attack.

It’s important for your organization to be vigilant of these type of attacks, and it is imperative to educate your organization on not becoming the next victim. With continual Security Awareness Training, your users can be educated on the need to be watchful for suspicious content and offers up pertinent examples as attack trends change.

OODA Loop has the full story.

** Optrics Inc. is an Authorized KnowBe4 partner


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The original article can be found here:

https://blog.knowbe4.com/ceo-fraud-wire-transfer-losses-soar-48-in-q2-2020

About the Author: Shannon Lewis

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