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Business Email Compromise
Virtually all organizations have an obligation to safeguard their personal data against unauthorized access or use. Failure to comply with such obligations can lead to significant financial and reputational harm. In a...more
The Massachusetts State Police Commonwealth Fusion Center (CFC) believes that cyber actors may use the current bank failures for future phishing and business email compromise (BEC) attacks. Cyber actors often use current...more
While ransomware attacks usually grab the headlines, business email compromise (BEC) attacks continue to cause massive financial losses for businesses. The FBI’s Internet Crime Complaint Center (IC3), reported BEC losses in...more
Introduction - The cybersecurity threat landscape continues to evolve and present new challenges pertaining to the protection of electronically stored information. Innovative “hacking” tactics constantly emerge and...more
On November 18, 2022, the U.S. Department of Justice (“DOJ”) announced charges against ten defendants across Georgia, South Carolina and Virginia, resulting from a scheme that allegedly targeted Medicare, state Medicaid...more
As technology evolves, companies are finding ways to become more nimble and conduct business more efficiently — over remote networks, email on handheld devices, the cloud, and on cellphones. Yet, as technology advances, so...more
In June 2014, the CEO of Omaha-based Scoular Company sent a series of emails to his company’s controller to let him know that the company was in negotiations to buy a Chinese company. The emails highlighted the sensitivity of...more
Each year, the Internet Crime Complaint Center (“IC3”) of the Federal Bureau of Investigation publishes its Internet Crime Report. The IC3’s 2020 Internet Crime Report includes startling information about the continuing...more
In early March, the New York State Department of Financial Services (“NYDFS”) announced a consent order that required Maine-based mortgage servicer Residential Mortgage Services, Inc. (“Residential”) to pay a $1.5 million...more
As a result of the COVID-19 pandemic, millions of Americans have deserted the physical workplace. Modern technology and remote access capabilities have made it possible to transform almost any job to a telework position. As...more
In all the COVID chaos it is easy to forget about cyber security vulnerability and that the UK real estate industry remains exposed to cyber attacks through inadequate security systems and lack of preparedness. ...more
With employees working from home, attackers are relying on the fact that assistants and others are not able to confirm these requests from the executives as they are not in the same physical proximity to the executives as...more
FBI Issues Warning of Increased BEC During COVID-19 Pandemic - On April 6, 2020, the Federal Bureau of Investigation (FBI) issued a warning to companies to be aware of an increase in business email compromises (BEC)...more
Scammers are always seeking new ways to target victims for Business Email Compromise (BEC) scams, where they leverage email to try to convince you to give them credentials, send them confidential information like W2s, send...more
Darkreading.com reported that the 281 criminals “stole more than 250,000 identities and filed more than 10,000 fraudulent tax returns… attempting to generate more than $91 million in refunds.” The September 11, 2019 report...more
Known by many names, including business email compromise fraud, CEO or CFO fraud, impersonation attacks, or “Man-in-the-Email” scams, cyber-related frauds involving spoofed or otherwise compromised business electronic...more
Last week, the Securities and Exchange Commission published an investigative report. The report discusses the Commission’s investigation of nine public companies that were subject to cyber breaches. ...more
• The SEC issued guidance in the form of a rare “21(a) report” this week after investigating a series of email frauds impacting 9 unnamed companies. • These email-based frauds, referred to as “CEO scams” or “vendor scams,”...more
The FBI warned this summer that the “Business Email Compromise” (“BEC”) scam continues to grow, evolve, and target businesses of all sizes. As reported by the FBI in June, the scam had hit more than 22,000 victims for a...more
Gone are the days of the overtly suspicious request from a Nigerian prince asking for your social security number or a friend needing a loan to get out of jail in a foreign country. These easily recognizable hacking attempts...more