It has been difficult to put a face (and even a name) on the people behind cybercrime. But while most people may remark on the complexities of investigating online crime, there exists hope in the recent update to the long drawn-out story of the 419 Nigerian scammers. (The 419 scam was so called because of…Read More
“…In the discharge of my duty, I stumbled on this domiciliary account that has remained dormant for three years now with eight million, five hundred thousand United States dollars ($8.5M) in it…. That my purpose of contacting you is because the deceased has the same name with you…” is just a pinch of lots of…Read More
With the 2010 FIFA World Cup less than two months away, cybercriminals (as expected) are banking on this prestigious international football event to trick users. TrendLabsSM spotted the latest threat involving this, and it came in the form of an email message currently being spammed in the wild. The spam carried a .PDF file attachment which…Read More
There’s a reason why the FBI estimates that the average loss caused by Business Email Compromise (BEC) to be $130,000 per company. Employees are not familiar with current social engineering strategies, and the network setup is not equipped enough to keep the threat from getting in the network. And this same situation is clearly depicted in an ongoing BEC campaign targeting companies in the US, Middle East, and Asia.
The attack, which has been traced back to Lagos and Kuala Lumpur, targets companies from several industries such as real estate, manufacturing, and construction.Read More
In May 2014, an accountant to a Texas manufacturing firm received an email from a familiar correspondent, his company’s CEO. The email instructed him to wait for a call from a partner company and warned against sharing the email to anyone else for fear of regulation backlash. The company ended up losing US$ 480,000 to wire fraudsters who used the potent and very costly business email compromise (BEC) scam or CEO fraud. The firm is now suing its cyber insurer for not covering the loss.Read More