Feedly:TrendLabs Security Intelligence Blog. Battling Business Email Compromise Fraud: How Do You Start?

from TrendLabs Security Intelligence Blog

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.