Xoom was the victim of a massive fraud scheme. In January 2015, the company announced that $30.8 million was fraudulently transferred to overseas accounts through employee impersonation and fraudulent requests targeting its finance department.9No customer money transfers were affected directly. Since the...
Executive impersonation (CEO fraud or whaling):In this form of attack, cyber criminals assume the identity of high-ranking executives in an organisation—most commonly CEOs—to manipulate employees into divulging confidential data or executing unauthorised financial transactions. The psychological leverage ...
Digital signature fraud is a crime where criminals misuse or exploit legitimate digital signatures for illegal purposes.
Traditionally, a BEC attack is based upon what is commonly referred to as CEO fraud or the impersonation of an upper or middle-management employee. In this case, fraudsters contact their “colleagues” from the financial department, requesting an urgent payment and providing all the necessary detai...
CEO fraud This is a form of impersonation where a threat actor will research a CEO at an organization and attempt to communicate with other employees, such as the finance department, and trick them using a falsified version of their credentials. Often urgently requesting the transfer of money. ...
Now the users’ credentials have been stolen, and are used to take over accounts. Attackers then use this information to commit fraud, hold information ransom, with the goal of financial gain. The common element among phishing attacks is the disguised identity of the attackers. In phishing attac...
Malware is intentionally intrusive for devices, networks, and systems as the means of achieving its goal: making money from victims. Malware makes the entire device or system “sick,” because it deliberately interferes with normal functioning. ...
A common example of this is the Nigerian prince scam, in which fraudulent actors pose as wealthy individuals and request money for various reasons. CEO fraudPosing as a CEO or high-level executive of a company, fraudulent actors request money to be transferred to a fraudulent account. For ...
According to the Federal Trade Commission (FTC), bank impersonation is the most common text message scam, accounting for 10% of all smishing messages.4 Pretending to be the government Scammers might pretend to be police officers, IRS representatives or other government agency officials. These smish...
CEO Fraud:This type of business email compromise means the attackers position themselves as the CEO or executive of a company and typically email an individual within the finance department. They then request funds to be transferred to an account controlled by the attacker. ...