After a long weekend, Finance Manager Joe sits at his desk to read his emails. One of the emails is from a trusted vendor with whom the Joe communicates on a regular basis, regarding an unpaid invoice that is due immediately. The vendor tells Joe that he was having “issues” with his bank and recently changed accounts. The vendor provides instructions for Joe to wire funds. As this is a known partner with whom the company has a good relationship, Joe wires the amount due. Two weeks later, the vendor contacts Joe to let him know that the invoice has not been paid. In a panic, Joe reads the emails he received and observes that one letter in the vendor’s original email address is different from the vendor’s legitimate email address. Joe calls the bank in a panic but is advised that the money has been withdrawn and that his company’s account has a balance of $0.00. Continue Reading ›
Fight back against this major cyber threat.
Business Email Compromise is one of the greatest cyber threats to businesses of all sizes and industries, particularly those involved in regular wire transfers of funds. According to the Federal Bureau of Investigation, between June 2016 and December 2021, BEC scams were reported in all 50 states and 177 countries, with more than 140 countries receiving fraudulent transfers. These statistics are based on information reported to the FBI by victims, law enforcement, and the banking community. Actual and attempted dollar losses associated with these reports exceed $43 billion. Because these numbers are based only on compromises that have been reported, the true cost of BEC scams is in all likelihood much greater. Continue Reading ›
The Constangy Cyber Advisor posts regular updates on legislative developments, data privacy, and information security trends. Our blog posts are informed through the Constangy Cyber Team's experience managing thousands of data breaches, providing robust compliance advisory services, and consultation on complex data privacy and security litigation.
