Collaborate Disseminate
Business email compromise (BEC) attacks represent a small percentage of email attacks, but disproportionately represent the greatest financial risk. Continue reading Understanding the Payload-Less Email Attacks Evading Your Security Team
A 64-year-old man has admitted his role in an email-based fraud scheme that relied on spoofed email addresses to con two companies out of more than $500,000. Kenety Kim, or Myung Kim, pleaded guilty Tuesday in a Texas court to conspiracy to commit money laundering as part his role in a business email compromise scheme. Kim used email addresses that impersonated legitimate corporate accounts to intercept financial transfers, or to convince a firm to direct money into an account under Kim’s control, according to the plea deal. As part of his agreement with U.S. prosecutors, Kim acknowledged that he has earned more than $700,000 from a web of fraud schemes, including some for which he was not charged. In one incident, he created an email account that appeared to belong to a construction company based in Pinehurst. then used that to ask another company, based in Huntsville, to send him […]
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Continue reading Email scammer pleads guilty to defrauding Texas firms out of more than $500,000
A 64-year-old man has pleaded guilty in a Texan court to charges of money laundering after a series of attacks that defrauded companies, including Electrolux, out of hundreds of thousands of dollars.
Read more in my article on the Tripwire State of Sec… Continue reading The scammer who tried to launder over $500,000 through Business Email Compromise
The business email compromise (BEC) gang Scattered Canary has filed more than 200 fraudulent claims for unemployment benefits and for COVID-19 relief funds. Continue reading Fraudulent Unemployment, COVID-19 Relief Claims Earn BEC Gang Millions
Norfund, the Norwegian state-owned investment fund for developing countries, has revealed that it has been swindled out of $10,000,000 intended for an institution in Cambodia.
Read more in my article on the Bitdefender Business Insight blog.
Continue reading Hackers steal $10M in “wonderfully done” fraud from Norway’s State Investment Fund
Thieves spent months inside the networks of the world’s largest sovereign wealth fund before stealing $10 million in what the enterprise is describing as “a serious case of fraud.” The Norwegian Investment Fund, more commonly known as Norfund, announced Wednesday that scammers stole £8.2 million ($10 million) by spoofing an email address, then fabricating payment information and directing cash into their own account. In a statement, Norfund said the incident is still under investigation, though it acknowledged “that our existing systems and routines were not secure enough.” Norfund is a Norway state-owned private equity firm which invests in developing countries throughout the world by supporting renewable energy infrastructure and scalable businesses, particularly in the manufacturing and agricultural sectors. This financial heist only is the latest to affect large international firms, following a $29 million scam affecting the publishing conglomerate Nikkei and the attempted theft of $951 million from Bangladesh’s central […]
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Continue reading Scammers steal $10 million from Norfund, the largest sovereign wealth fund
BEC gangs like “Exaggerated Lion” are using tricky tactics – like exploiting G Suite – to scam companies out of millions. Continue reading BEC Gang Exploits G Suite, Long Domain Names in Cyberattacks
Threat actors are buying and selling taxpayer data on hacker forums as well as using phishing and other campaigns to steal various U.S. government payouts. Continue reading Hackers Dumpster Dive for Taxpayer Data in COVID-19 Relief Money Scams
Almost 80% of organizations have been the victim of payments fraud, according to one survey. Depending on the size of the organization, thousands—sometimes millions—of customers are affected. In fact, if we combine the top 21 breaches in 2018 alone, AC… Continue reading Battling Payments Fraud: Know Your Enemy
Phishing and business-email-compromise (BEC) schemes are on the rise, causing losses in the $50,000 to $100,000 range to small businesses across the United States. More than a third of organizations said they received an email from someone pretending t… Continue reading A Single Phishing Email Can Cost a Small Business $100K – Here’s How to Protect Your Office Against Fraud