The FBI has issued a warning on the dramatic increase of Business Email Compromise (BEC) scams, swindling over US$2.3 billion from companies worldwide, notably the US and Europe. The scams do not discriminate, with targets ranging from small businesses to large corporations. All the perpetrators need is the company executive’s email address (or someone close, like their personal assistant) and the ability to make a convincing fake email.Read More
Every registered voter in the Philippines is now susceptible to fraud and other risks after a massive data breach leaked the entire database of the Philippines’ Commission on Elections (COMELEC). While initial reports have downplayed the impact of the leak, our investigations showed a huge number of sensitive personal identifiable information (PII)–including passport information and fingerprint data–are included in the data dump.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
The reported hacking of the Bangladesh central bank’s accounts with the U.S. Federal Reserve once again shows how bad the impact of cyberattacks to organizations, enterprises or even nation-states can be. Peel off all the other layers in this narrative for a moment—the amount of money stolen, the alleged players, the politics—and at its core, we have the same tactics and procedures any enterprising criminal will carry out against his or her intended target.Read More