Between June 2016 and July 2019, FBI statistics show that wire transfer fraud via BEC occurred 166,349 times, and cost businesses over $26 billion.Some of these strategies work, and they are making a positive impact. But due to the increasing volume and sophistication of such scams, businesses are losing more money than ever. Wire transfer phishing statisticsīusinesses and banks are continually investing in new defenses against phishing. Keep reading to find out just how much business lost (and hackers gained). Business email compromise and whaling also usually involve wire transfer phishing. After all, you’re not very likely to hand over money to an individual that doesn’t even use your name. Business email compromise (BEC) involves spoofing or hacking a company email account (for example, transfer phishing is very likely to involve spear phishing.High-profile targets typically have easier access to bigger funds. Whaling is any phishing attack that targets a senior executive.A spear-phishing email opens with “Dear ,” whereas a bulk, “spray and pray” phishing attack addresses no-one in particular. Spear phishing is any phishing attack that targets a specific individual.Some types of phishing are defined by how they target victims. For more information, see our article: Smishing and Vishing: What You Need to Know. Wire transfer phishing could occur via SMS, phone, or social media - but email is much more common. Social media phishing takes place over social media platforms.Vishing takes place over phone or Voice over IP (VoIP) software.Smishing is a type of phishing that takes place via SMS message.While phishing typically refers to an email-based social engineering attack - 96% of phishing attacks occur via email – hackers can use other methods of delivery, too. Gift card phishing involves persuading the target to purchase gift cards or make a payment via gift cards.īut there are plenty of other “types” of phishing.Payroll diversion is where a scammer impersonates an employee and provides new bank details to an HR department.But in fact, they are sending their username and password to the attacker. The target believes they are logging into an online account. Credential phishing involves creating a fake website designed to look like an account login page.Below are other types of phishing motivated by a financial incentive. Wire transfer phishing aims to trick the victim out of money by persuading them to transfer money into the attacker’s bank account. But they all have one thing in common: the hacker is trying to trick targets into handing over information, transferring money, or granting access to networks. Can you spot the difference in the email addresses? This is just one example of email impersonation. But you didn’t realize that Jane’s email address was subtly different this time - instead of the usual the email came from just fell victim to a wire transfer phishing attack - and paid money into a cybercriminal’s account. You pay the invoice in the usual way, using the bank account details provided. She provides a normal-looking invoice for some computing services your company uses regularly. One morning, you get an email from Jane at IT Maintenance - someone who has emailed invoices regularly for the past five years. You routinely receive email invoices from suppliers, contractors, and service providers. Imagine you’re an employee in a company’s accounts department. Like other types of social engineering attacks, cybercriminals use a number of different methods to carry out wire transfer phishing against businesses and individuals. But, we can offer a “typical” example of this kind of attack.
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