Analyzes business email compromise (BEC) scams where attackers impersonate executives or vendors to trick employees into transferring funds or sharing sensitive data. Covers detection methods, employee training approaches, and technical controls to prevent BEC attacks.
posts
The $47 Million Email That Fooled a Fortune 500 CFO In 2016, an Austrian aerospace company called FACC lost €42 million (roughly $47 million USD) because a threat actor impersonated the CEO in an email to the finance department. The message requested an urgent wire transfer for a fake acquisition
In May 2023, the FBI's Internet Crime Complaint Center reported that business email compromise — the category that includes every CEO fraud email scam — caused adjusted losses exceeding $2.7 billion in 2022 alone. That made it the single most financially devastating cybercrime category the FBI tracks. Not ransomware.
In January 2022, a European subsidiary of the Japanese manufacturer Nikkei lost $29 million after a single employee followed wire transfer instructions from a fraudulent email that impersonated a senior executive. That wasn't a failure of firewalls or endpoint detection. It was a surgical, well-researched executive phishing attack
In March 2022, the FBI's Internet Crime Complaint Center reported that Business Email Compromise — attacks built on a single convincing fake email — caused $2.4 billion in adjusted losses in 2021 alone. That made it the most financially devastating cybercrime category in the entire FBI IC3 annual report.
The $2.4 Billion Problem Sitting in Your Inbox In 2021, the FBI's Internet Crime Complaint Center reported that business email compromise — a category driven almost entirely by fake emails — accounted for nearly $2.4 billion in adjusted losses. That made it the single costliest cybercrime type reported.
The FakeEmail Problem Is Bigger Than You Think In March 2022, the FBI's Internet Crime Complaint Center reported that business email compromise — the category that covers most fakeemail schemes — accounted for $2.4 billion in adjusted losses in 2021 alone. That made it the single most financially damaging
A Perfectly Forged Invoice That Almost Worked Last month, a controller at a mid-sized logistics company forwarded me an email she'd almost clicked. It looked like a DocuSign envelope notification for a PayPal invoice — complete with the yellow DocuSign button, a legitimate-looking PayPal logo, and a $3,200
In March 2022, the FBI's Internet Crime Complaint Center reported that phishing schemes were the number one reported cybercrime in 2021 — with over 323,000 victims. That's nearly 900 people per day who fell for a fraudulent email. And those are just the ones who reported
In 2021, the FBI's Internet Crime Complaint Center received 19,954 business email compromise complaints with adjusted losses of nearly $2.4 billion. That made BEC the single most financially damaging cybercrime category — beating ransomware by a factor of almost 49 to 1. And those are just the
In March 2022, the FBI's Internet Crime Complaint Center reported that business email compromise — a direct descendant of spear phishing — cost organizations over $2.4 billion in 2021 alone. That number dwarfs ransomware losses. Yet most people I talk to still think phishing means a badly written email
