December 12, 2024 at 10:24AM Sublime Security, a D.C. startup offering email security solutions for Microsoft 365 and Google Workspace, has secured $60 million in funding, bringing total investments to $93.8 million. The company, gaining traction with major clients, provides AI-driven tools for threat detection and management, competing in the growing email security market. ### … Read more
December 10, 2024 at 08:19AM Join SecurityWeek on December 10th at 1:00 PM ET for a session featuring Rachel Tobac and Mahmood Khan, focusing on how cybercriminals use social engineering, deepfake technology, and BEC to steal funds. Learn about attack methods, emerging threats, and actionable defense strategies for your organization. ### Meeting Notes Summary: Cybersecurity … Read more
November 19, 2024 at 08:06AM iLearningEngines reported a cybersecurity incident involving the theft of $250,000 due to unauthorized access and wire misdirection. The company anticipates significant operational impacts for Q4 2024 but does not foresee long-term effects. The incident may be linked to a business email compromise scheme. No ransomware group has claimed responsibility. **Meeting … Read more
November 5, 2024 at 01:43PM Business email compromise scammers are leveraging the DocuSign API to create seemingly legitimate e-signature requests, leading to fraud. These attackers use custom templates to send invoices, bypassing spam filters. In 2023, BEC scams have cost US businesses $2.9 billion, highlighting the need for vigilance and sender verification. **Meeting Takeaways:** 1. … Read more
October 30, 2024 at 03:18PM VIPRE Security Group’s Q3 2024 Email Threat Trends Report reveals a surge in business email compromise (BEC) attacks, particularly targeting the manufacturing sector. BEC scams comprised 58% of phishing attempts, with sophisticated impersonation tactics prevalent. The report highlights increased malicious attachments and emphasizes the need for enhanced cybersecurity measures and … Read more
October 9, 2024 at 09:11AM Threat actors are enhancing business email compromise (BEC) campaigns by using legitimate cloud file-sharing services like Dropbox and OneDrive, combined with social engineering tactics. This approach bypasses traditional security measures, allowing attackers to phish credentials and conduct further malicious activities. Microsoft advises enterprises to implement extended detection and response (XDR) … Read more
August 13, 2024 at 07:35AM Luxembourg’s Orion SA may face a $60 million loss due to a criminal wire fraud scheme involving fraudulent outbound wire transfers. The company suspects a business email compromise (BEC) scam. Despite the potential loss, Orion remains confident after recently boosting its 2024 sales and profit estimates. The company is working … Read more
June 17, 2024 at 10:14AM Nigerian national Ebuka Raphael Umeti, 35, faces up to 27 years in federal prison after being convicted in the US for operating a business email compromise (BEC) scheme. He and his co-conspirators caused or intended to cause losses of more than $1.5 million to their victims. Co-defendant Franklin Ifeanyichukwu Okwonna, … Read more
March 7, 2024 at 09:34AM Nigerian national Henry Echefu pleaded guilty in a US court to his role in a business email compromise (BEC) fraud scheme causing about $200,000 in losses. Echefu and co-conspirators engaged in unauthorized access to email accounts, instructing victims to make wire transfers. He faces up to 20 years in prison … Read more
February 29, 2024 at 10:45AM European discount retailer Pepco Group reported a significant loss of €15.5 million to cybercriminals in a fraudulent phishing attack. An investigation is underway, but the company is unsure if the funds can be recovered. Pepco assured that no customer, supplier, or colleague information was compromised and is committed to enhancing … Read more