According to a new Check Point threat report, cybercriminal group “The Florentine Banker” launched a sophisticated Business Email Compromise (BEC) attack, stealing around $1.3 million. The group targeted C-suite level executives in three unnamed firms for months, via phishing attacks.
To prevent BEC scams from affecting your organization, it is important that you educate employees on cybersecurity best practices, including how to identify phishing emails and what do to once you’ve encountered suspicious activity. Further, employees should always verify payment transactions, either in person or through a credible phone number.
Recently, the FBI warned that organizations that use cloud-based email systems are at high risk to BEC attacks. The bureau advised employees about the email scams that begin with phishing kits designed to mimic two popular cloud-based email services to lure employees into compromising business email accounts and misdirecting funds transfers. The FBI stated that its Internet Crime Complaint Center (IC3) received complaints, between January 2014 and October 2019, claiming more than US$2.1 billion losses from BEC scams.