From Guardian Analytics
MOUNTAIN VIEW–Guardian Analytics on Wednesday shared details on the latest trends in Business Email Compromise (BEC) attacks and announced the “BEC Scam Detection Kit” to help both the businesses under attack and the financial institutions that serve them to better detect the scam and avoid losses.
The FBI reports that the scam, in which a criminal compromises or spoofs a chief executive’s email account and directs an employee to immediately make a large payment or provide employee data, has victimized more than 12,000 businesses across the globe, resulting in $2 billion in losses.
“The attacks continue to escalate, with no signs of slowing,” said Julie Conroy, research director for Aite Group. “Businesses need to be much more aware of these attacks to stop them on the front end and banks need to have more modern fraud prevention technology to keep social engineering-driven payments from slipping through on the back end.”
“We have detected and analyzed hundreds of payments from Business Email Compromise attacks, putting us in a unique position to offer a best practices kit for businesses and financial institutions,” said Laurent Pacalin, president and CEO of Guardian Analytics.
The BEC Scam Detection Kit, featuring Best Practices videos, presentations and infographics, is designed uniquely for businesses and financial institutions.
It offers tips on how to “Check, Confirm, and Coach” to avoid falling victim to the scam. The kit offers detailed techniques for each of these, compiled from FBI reports, banks, and Guardian’s own research.
The Financial Institution BEC Detection Kit has specific techniques to identify fraudulent wires and other payments resulting from BEC attacks on their customers. It also provides customizable materials for financial institutions to use in ongoing commercial client training programs.
“We are committed to national education regarding the Business Email Compromise and will work closely with financial institutions and business associations to expand the awareness of the scam as widely as possible,” Pacalin said.