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Submitted URL: https://engage.nasdaq.com/MzAzLVFLTS00NjMAAAGAyEs82kz88J6mUG6ExgY6HxiX9Pr169OX6RpStbIfcO-IIIWwC6wrxtDweFzy2BZSH4c17h0=
Effective URL: https://www.nasdaq.com/articles/crossing-boundaries%3A-the-expansive-threat-of-bec-2021-11-15?utm_medium=Email&utm_sour...
Submission: On November 18 via manual from CA — Scanned from DE
Effective URL: https://www.nasdaq.com/articles/crossing-boundaries%3A-the-expansive-threat-of-bec-2021-11-15?utm_medium=Email&utm_sour...
Submission: On November 18 via manual from CA — Scanned from DE
Form analysis 6 forms found in the DOM
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<div class="mktoAsterix">*</div>Email Address:
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<div class="mktoFieldWrap mktoRequiredField"><label for="Country_16372642107230.4892276865070768" id="LblCountry" class="mktoLabel mktoHasWidth" style="width: 100px;">
<div class="mktoAsterix">*</div>Location:
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<div class="mktoGutter mktoHasWidth" style="width: 5px;"></div><select id="Country" name="Country" aria-labelledby="LblCountry InstructCountry" class="mktoField mktoHasWidth mktoRequired" aria-required="true" style="width: 150px;">
<option value="">Select...</option>
<option value="United States">United States</option>
<option value="Afghanistan">Afghanistan</option>
<option value="Åland Islands">Åland Islands</option>
<option value="Albania">Albania</option>
<option value="Algeria">Algeria</option>
<option value="American Samoa">American Samoa</option>
<option value="Andorra">Andorra</option>
<option value="Angola">Angola</option>
<option value="Anguilla">Anguilla</option>
<option value="Antarctica">Antarctica</option>
<option value="Antigua and Barbuda">Antigua and Barbuda</option>
<option value="Argentina">Argentina</option>
<option value="Armenia">Armenia</option>
<option value="Aruba">Aruba</option>
<option value="Australia">Australia</option>
<option value="Austria">Austria</option>
<option value="Azerbaijan">Azerbaijan</option>
<option value="Bahamas">Bahamas</option>
<option value="Bahrain">Bahrain</option>
<option value="Bangladesh">Bangladesh</option>
<option value="Barbados">Barbados</option>
<option value="Belarus">Belarus</option>
<option value="Belgium">Belgium</option>
<option value="Belize">Belize</option>
<option value="Benin">Benin</option>
<option value="Bermuda">Bermuda</option>
<option value="Bhutan">Bhutan</option>
<option value="Bolivia, Plurinational State of">Bolivia, Plurinational State of</option>
<option value="Bonaire, Sint Eustatius and Saba">Bonaire, Sint Eustatius and Saba</option>
<option value="Bosnia and Herzegovina">Bosnia and Herzegovina</option>
<option value="Botswana">Botswana</option>
<option value="Bouvet Island">Bouvet Island</option>
<option value="Brazil">Brazil</option>
<option value="British Indian Ocean Territory">British Indian Ocean Territory</option>
<option value="Brunei Darussalam">Brunei Darussalam</option>
<option value="Bulgaria">Bulgaria</option>
<option value="Burkina Faso">Burkina Faso</option>
<option value="Burundi">Burundi</option>
<option value="Cambodia">Cambodia</option>
<option value="Cameroon">Cameroon</option>
<option value="Canada">Canada</option>
<option value="Cape Verde">Cape Verde</option>
<option value="Cayman Islands">Cayman Islands</option>
<option value="Central African Republic">Central African Republic</option>
<option value="Chad">Chad</option>
<option value="Chile">Chile</option>
<option value="China">China</option>
<option value="Christmas Island">Christmas Island</option>
<option value="Cocos (Keeling) Islands">Cocos (Keeling) Islands</option>
<option value="Colombia">Colombia</option>
<option value="Comoros">Comoros</option>
<option value="Congo">Congo</option>
<option value="Congo, the Democratic Republic of the">Congo, the Democratic Republic of the</option>
<option value="Cook Islands">Cook Islands</option>
<option value="Costa Rica">Costa Rica</option>
<option value="Côte d'Ivoire">Côte d'Ivoire</option>
<option value="Croatia">Croatia</option>
<option value="Cuba">Cuba</option>
<option value="Curaçao">Curaçao</option>
<option value="Cyprus">Cyprus</option>
<option value="Czech Republic">Czech Republic</option>
<option value="Denmark">Denmark</option>
<option value="Djibouti">Djibouti</option>
<option value="Dominica">Dominica</option>
<option value="Dominican Republic">Dominican Republic</option>
<option value="Ecuador">Ecuador</option>
<option value="Egypt">Egypt</option>
<option value="El Salvador">El Salvador</option>
<option value="Equatorial Guinea">Equatorial Guinea</option>
<option value="Eritrea">Eritrea</option>
<option value="Estonia">Estonia</option>
<option value="Ethiopia">Ethiopia</option>
<option value="Falkland Islands (Malvinas)">Falkland Islands (Malvinas)</option>
<option value="Faroe Islands">Faroe Islands</option>
<option value="Fiji">Fiji</option>
<option value="Finland">Finland</option>
<option value="France">France</option>
<option value="French Guiana">French Guiana</option>
<option value="French Polynesia">French Polynesia</option>
<option value="French Southern Territories">French Southern Territories</option>
<option value="Gabon">Gabon</option>
<option value="Gambia">Gambia</option>
<option value="Georgia">Georgia</option>
<option value="Germany">Germany</option>
<option value="Ghana">Ghana</option>
<option value="Gibraltar">Gibraltar</option>
<option value="Greece">Greece</option>
<option value="Greenland">Greenland</option>
<option value="Grenada">Grenada</option>
<option value="Guadeloupe">Guadeloupe</option>
<option value="Guam">Guam</option>
<option value="Guatemala">Guatemala</option>
<option value="Guernsey">Guernsey</option>
<option value="Guinea">Guinea</option>
<option value="Guinea-Bissau">Guinea-Bissau</option>
<option value="Guyana">Guyana</option>
<option value="Haiti">Haiti</option>
<option value="Heard Island and McDonald Islands">Heard Island and McDonald Islands</option>
<option value="Holy See (Vatican City State)">Holy See (Vatican City State)</option>
<option value="Honduras">Honduras</option>
<option value="Hong Kong">Hong Kong</option>
<option value="Hungary">Hungary</option>
<option value="Iceland">Iceland</option>
<option value="India">India</option>
<option value="Indonesia">Indonesia</option>
<option value="Iran, Islamic Republic of">Iran, Islamic Republic of</option>
<option value="Iraq">Iraq</option>
<option value="Ireland">Ireland</option>
<option value="Isle of Man">Isle of Man</option>
<option value="Israel">Israel</option>
<option value="Italy">Italy</option>
<option value="Jamaica">Jamaica</option>
<option value="Japan">Japan</option>
<option value="Jersey">Jersey</option>
<option value="Jordan">Jordan</option>
<option value="Kazakhstan">Kazakhstan</option>
<option value="Kenya">Kenya</option>
<option value="Kiribati">Kiribati</option>
<option value="Korea, Democratic People's Republic of">Korea, Democratic People's Republic of</option>
<option value="Korea, Republic of">Korea, Republic of</option>
<option value="Kuwait">Kuwait</option>
<option value="Kyrgyzstan">Kyrgyzstan</option>
<option value="Lao People's Democratic Republic">Lao People's Democratic Republic</option>
<option value="Latvia">Latvia</option>
<option value="Lebanon">Lebanon</option>
<option value="Lesotho">Lesotho</option>
<option value="Liberia">Liberia</option>
<option value="Libyan Arab Jamahiriya">Libyan Arab Jamahiriya</option>
<option value="Liechtenstein">Liechtenstein</option>
<option value="Lithuania">Lithuania</option>
<option value="Luxembourg">Luxembourg</option>
<option value="Macao">Macao</option>
<option value="Macedonia, the former Yugoslav Republic of">Macedonia, the former Yugoslav Republic of</option>
<option value="Madagascar">Madagascar</option>
<option value="Malawi">Malawi</option>
<option value="Malaysia">Malaysia</option>
<option value="Maldives">Maldives</option>
<option value="Mali">Mali</option>
<option value="Malta">Malta</option>
<option value="Marshall Islands">Marshall Islands</option>
<option value="Martinique">Martinique</option>
<option value="Mauritania">Mauritania</option>
<option value="Mauritius">Mauritius</option>
<option value="Mayotte">Mayotte</option>
<option value="Mexico">Mexico</option>
<option value="Micronesia, Federated States of">Micronesia, Federated States of</option>
<option value="Moldova, Republic of">Moldova, Republic of</option>
<option value="Monaco">Monaco</option>
<option value="Mongolia">Mongolia</option>
<option value="Montenegro">Montenegro</option>
<option value="Montserrat">Montserrat</option>
<option value="Morocco">Morocco</option>
<option value="Mozambique">Mozambique</option>
<option value="Myanmar">Myanmar</option>
<option value="Namibia">Namibia</option>
<option value="Nauru">Nauru</option>
<option value="Nepal">Nepal</option>
<option value="Netherlands">Netherlands</option>
<option value="New Caledonia">New Caledonia</option>
<option value="New Zealand">New Zealand</option>
<option value="Nicaragua">Nicaragua</option>
<option value="Niger">Niger</option>
<option value="Nigeria">Nigeria</option>
<option value="Niue">Niue</option>
<option value="Norfolk Island">Norfolk Island</option>
<option value="Northern Mariana Islands">Northern Mariana Islands</option>
<option value="Norway">Norway</option>
<option value="Oman">Oman</option>
<option value="Pakistan">Pakistan</option>
<option value="Palau">Palau</option>
<option value="Palestinian Territory, Occupied">Palestinian Territory, Occupied</option>
<option value="Panama">Panama</option>
<option value="Papua New Guinea">Papua New Guinea</option>
<option value="Paraguay">Paraguay</option>
<option value="Peru">Peru</option>
<option value="Philippines">Philippines</option>
<option value="Pitcairn">Pitcairn</option>
<option value="Poland">Poland</option>
<option value="Portugal">Portugal</option>
<option value="Puerto Rico">Puerto Rico</option>
<option value="Qatar">Qatar</option>
<option value="Reunion">Reunion</option>
<option value="Romania">Romania</option>
<option value="Russian Federation">Russian Federation</option>
<option value="Rwanda">Rwanda</option>
<option value="Saint Barthélemy">Saint Barthélemy</option>
<option value="Saint Helena, Ascension and Tristan da Cunha">Saint Helena, Ascension and Tristan da Cunha</option>
<option value="Saint Kitts and Nevis">Saint Kitts and Nevis</option>
<option value="Saint Lucia">Saint Lucia</option>
<option value="Saint Martin (French part)">Saint Martin (French part)</option>
<option value="Saint Pierre and Miquelon">Saint Pierre and Miquelon</option>
<option value="Saint Vincent and the Grenadines">Saint Vincent and the Grenadines</option>
<option value="Samoa">Samoa</option>
<option value="San Marino">San Marino</option>
<option value="Sao Tome and Principe">Sao Tome and Principe</option>
<option value="Saudi Arabia">Saudi Arabia</option>
<option value="Senegal">Senegal</option>
<option value="Serbia">Serbia</option>
<option value="Seychelles">Seychelles</option>
<option value="Sierra Leone">Sierra Leone</option>
<option value="Singapore">Singapore</option>
<option value="Sint Maarten (Dutch part)">Sint Maarten (Dutch part)</option>
<option value="Slovakia">Slovakia</option>
<option value="Slovenia">Slovenia</option>
<option value="Solomon Islands">Solomon Islands</option>
<option value="Somalia">Somalia</option>
<option value="South Africa">South Africa</option>
<option value="South Georgia and the South Sandwich Islands">South Georgia and the South Sandwich Islands</option>
<option value="South Sudan">South Sudan</option>
<option value="Spain">Spain</option>
<option value="Sri Lanka">Sri Lanka</option>
<option value="Sudan">Sudan</option>
<option value="Suriname">Suriname</option>
<option value="Svalbard and Jan Mayen">Svalbard and Jan Mayen</option>
<option value="Swaziland">Swaziland</option>
<option value="Sweden">Sweden</option>
<option value="Switzerland">Switzerland</option>
<option value="Syrian Arab Republic">Syrian Arab Republic</option>
<option value="Taiwan">Taiwan</option>
<option value="Tajikistan">Tajikistan</option>
<option value="Tanzania, United Republic of">Tanzania, United Republic of</option>
<option value="Thailand">Thailand</option>
<option value="Timor-Leste">Timor-Leste</option>
<option value="Togo">Togo</option>
<option value="Tokelau">Tokelau</option>
<option value="Tonga">Tonga</option>
<option value="Trinidad and Tobago">Trinidad and Tobago</option>
<option value="Tunisia">Tunisia</option>
<option value="Turkey">Turkey</option>
<option value="Turkmenistan">Turkmenistan</option>
<option value="Turks and Caicos Islands">Turks and Caicos Islands</option>
<option value="Tuvalu">Tuvalu</option>
<option value="Uganda">Uganda</option>
<option value="Ukraine">Ukraine</option>
<option value="United Arab Emirates">United Arab Emirates</option>
<option value="United Kingdom">United Kingdom</option>
<option value="United States Minor Outlying Islands">United States Minor Outlying Islands</option>
<option value="Uruguay">Uruguay</option>
<option value="Uzbekistan">Uzbekistan</option>
<option value="Vanuatu">Vanuatu</option>
<option value="Venezuela, Bolivarian Republic of">Venezuela, Bolivarian Republic of</option>
<option value="Viet Nam">Viet Nam</option>
<option value="Virgin Islands (British)">Virgin Islands (British)</option>
<option value="Virgin Islands, U.S.">Virgin Islands, U.S.</option>
<option value="Wallis and Futuna">Wallis and Futuna</option>
<option value="Western Sahara">Western Sahara</option>
<option value="Yemen">Yemen</option>
<option value="Zambia">Zambia</option>
<option value="Zimbabwe">Zimbabwe</option>
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<div class="mktoClear"></div>
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<div class="mktoClear"></div>
</div>
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</div>
<div class="mktoFormRow" id="">
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<div class="mktoClear"></div>
</div>
<div class="mktoFormRow" id="">
<div class="mktoPlaceholder mktoPlaceholderglobalOptIn"></div>
<div class="mktoClear"></div>
</div>
<div class="mktoFormRow" id="">
<div class="mktoPlaceholder mktoPlaceholderHtmlText_2020-07-14T19 243Z"></div>
<div class="mktoClear"></div>
</div>
<div class="mktoFormRow" id="webPageURL"><input type="hidden" name="webPageURL" class="mktoField mktoFieldDescriptor mktoFormCol" value="https://www.nasdaq.com/articles/crossing-boundaries%3A-the-expansive-threat-of-bec-2021-11-15"
style="margin-bottom: 5px;">
<div class="mktoClear"></div>
</div>
<div class="mktoFormRow" id="utmprogramid"><input type="hidden" name="utmprogramid" class="mktoField mktoFieldDescriptor mktoFormCol" value="" style="margin-bottom: 5px;">
<div class="mktoClear"></div>
</div>
<div class="mktoFormRow" id="utmcreative"><input type="hidden" name="utmcreative" class="mktoField mktoFieldDescriptor mktoFormCol" value="" style="margin-bottom: 5px;">
<div class="mktoClear"></div>
</div>
<div class="mktoFormRow" id="utmterm"><input type="hidden" name="utmterm" class="mktoField mktoFieldDescriptor mktoFormCol" value="" style="margin-bottom: 5px;">
<div class="mktoClear"></div>
</div>
<div class="mktoFormRow" id="gclid"><input type="hidden" name="gclid" class="mktoField mktoFieldDescriptor mktoFormCol" value="" style="margin-bottom: 5px;">
<div class="mktoClear"></div>
</div>
<div class="mktoFormRow" id="ppccampaignid"><input type="hidden" name="ppccampaignid" class="mktoField mktoFieldDescriptor mktoFormCol" value="" style="margin-bottom: 5px;">
<div class="mktoClear"></div>
</div>
<div class="mktoFormRow" id="elqhp_16372642107230.4892276865070768">
<div class="mktoFieldDescriptor mktoFormCol" style="margin-bottom: 5px;">
<div class="mktoOffset" style="width: 5px;"></div>
<div class="mktoFieldWrap mktoRequiredField"><label for="elqhp_16372642107230.4892276865070768" id="Lblelqhp" class="mktoLabel mktoHasWidth" style="width: 100px;">
<div class="mktoAsterix">*</div>elq_hp:
</label>
<div class="mktoGutter mktoHasWidth" style="width: 5px;"></div><input id="elqhp" name="elqhp" maxlength="255" aria-labelledby="Lblelqhp Instructelqhp" type="text" class="mktoField mktoTextField mktoHasWidth mktoRequired" aria-required="true"
style="width: 150px;"><span id="Instructelqhp" tabindex="-1" class="mktoInstruction"></span>
<div class="mktoClear"></div>
</div>
<div class="mktoClear"></div>
</div>
<div class="mktoClear"></div>
</div>
<div class="mktoFormRow" id="leadChannelMostRecent"><input type="hidden" name="leadChannelMostRecent" class="mktoField mktoFieldDescriptor mktoFormCol" value="Website" style="margin-bottom: 5px;">
<div class="mktoClear"></div>
</div>
<div class="mktoFormRow" id="leadSourceMostRecent"><input type="hidden" name="leadSourceMostRecent" class="mktoField mktoFieldDescriptor mktoFormCol" value="Direct" style="margin-bottom: 5px;">
<div class="mktoClear"></div>
</div>
<div class="mktoFormRow" id="optInMarketMakers"><input type="hidden" name="optInMarketMakers" class="mktoField mktoFieldDescriptor mktoFormCol" value="TRUE" style="margin-bottom: 5px;">
<div class="mktoClear"></div>
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<div class="mktoButtonRow"><span class="mktoButtonWrap mktoNative" style="margin-left: 110px;"><button type="submit" class="mktoButton">Submit</button></span></div><input type="hidden" name="formid" class="mktoField mktoFieldDescriptor"
value="1686"><input type="hidden" name="munchkinId" class="mktoField mktoFieldDescriptor" value="303-QKM-463">
</form><form class="watchlist-add-overlay__form">
<label class="watchlist-add-overlay__label">Add a symbol to your watchlist</label>
<div class="watchlist-add-overlay__input-wrapper">
<input class="watchlist-add-overlay__input" placeholder="Enter Symbol">
</div>
</form><form class="nasdaq-search-overlay__form nasdaq-search-overlay__form--transparent" autocomplete="off">
<div class="nasdaq-search-overlay__input-block">
<label class="nasdaq-search-overlay__label" htmlfor="nasdaq-search-overlay-input"> Search Nasdaq <input class="nasdaq-search-overlay__input js-bound" type="text" id="nasdaq-search-overlay-input" placeholder="Keywords, Symbols, Products, Authors">
</label>
<button type="button" class="nasdaq-search-overlay__clear-search">Clear</button>
</div>
<button type="submit" class="nasdaq-search-overlay__button">Search</button>
</form>POST
<form method="post" class="textarea-field__form">
<div class="textarea-field">
<a class="textarea-field__label-link" href="#symbols-text-input">
<label class="textarea-field__label" for="symbols-text-input" id="symbols-label">Add up to 25 symbols</label>
</a>
<div class="textarea-field__body js-textarea-field-body">
<tags class="tagify textarea-field__input js-textarea-tagify-input tagify--noTags tagify--empty" tabindex="-1">
<span contenteditable="" data-placeholder="" aria-placeholder="" class="tagify__input" role="combobox" aria-autocomplete="both" aria-multiline="false" id="symbols-text-input" aria-describedby="symbols-field-note" aria-controls="symbols-menu"
aria-expanded="false"></span>
</tags><input class="textarea-field__input js-textarea-tagify-input">
</div>
<div class="textarea-field__note" aria-live="assertive" id="symbols-field-note">
<p>To add symbols:</p>
<p>
</p>
<ul>
<li>Type a symbol or company name. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return.</li>
<li>Copy and paste multiple symbols separated by spaces. </li>
</ul>
<p>These symbols will be available throughout the site during your session.</p>
</div>
</div>
<button class="c-btn ">Save data</button>
</form>POST
<form method="post" class="textarea-field__form">
<div class="textarea-field">
<a class="textarea-field__label-link" href="#symbols-text-input">
<label class="textarea-field__label" for="symbols-text-input" id="symbols-label">Add up to 20 symbols</label>
</a>
<div class="textarea-field__body js-textarea-field-body">
<tags class="tagify textarea-field__input js-textarea-tagify-input tagify--noTags tagify--empty" tabindex="-1">
<span contenteditable="" data-placeholder="" aria-placeholder="" class="tagify__input" role="combobox" aria-autocomplete="both" aria-multiline="false" id="symbols-text-input" aria-describedby="symbols-field-note" aria-controls="symbols-menu"
aria-expanded="false"></span>
</tags><input class="textarea-field__input js-textarea-tagify-input">
</div>
<div class="textarea-field__note" aria-live="assertive" id="symbols-field-note">
<p>To add symbols:</p>
<p>
</p>
<ul>
<li>Type a symbol or company name. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return.</li>
<li>Copy and paste multiple symbols separated by spaces. </li>
</ul>
<p>These symbols will be available throughout the site during your session.</p>
</div>
</div>
<button class="c-btn ">Save data</button>
</form><form class="mktoForm mktoHasWidth mktoLayoutLeft" data-formid="1686" style="display: block; font-family: inherit; font-size: 13px; color: rgb(51, 51, 51); visibility: hidden; position: absolute; top: -500px; left: -1000px; width: 1600px;"
novalidate="novalidate"></form>Text Content
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Cybersecurity
CROSSING BOUNDARIES: THE EXPANSIVE THREAT OF BEC
Scams evolve alongside massive losses.
Contributor
Verafin
Published
Nov 15, 2021 11:00AM EST
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“For five years in a row, BEC is responsible for the most financial losses
reported to the FBI. We have no reason to believe that 2021 will be any
different.” - Agari, 2021
As the industry rebounds from a challenging year, new reports are clarifying the
nature and scope of financial crime trends during the COVID-19 pandemic and the
opportunities presented to fraudsters.
According to the Internet Crime Complaint Center (IC3), chief among the
challenges during 2020 was Business Email Compromise (BEC) — a source of major
losses since 2016 that persists as a growing threat with far-reaching
implications. With domestic and international perpetrators threatening financial
and reputational damage for institutions, it is essential to consider how BEC is
evolving, and approaches to take decisive action.
BEC BEHIND MASSIVE LOSSES
In their 2020 Internet Crime Report, the IC3 attributed over $1.8B in losses to
BEC — the costliest scam to the American public that year, representing
approximately 44% of all reported losses. The massive toll of BEC has been
exacerbated by criminals deploying new typologies such as capital cost scams,
cryptocurrency scams and payroll diversions, while migrating activities outside
common countries of origin. According to Agari’s Cyber Intelligence Division
(ACID), increased scrutiny from law enforcement has compelled criminals to
launch BEC attacks from across the globe; they estimate that BEC actors are now
located in 50 countries, with 25% being U.S.-based.
In one criminal case currently before the U.S. Attorney’s Office, authorities
extradited and charged an individual for allegedly orchestrating a massive BEC
effort spanning America, Africa and the Middle East, “alleging he conspired to
launder hundreds of millions of dollars from business email compromise (BEC)
frauds and other scams.”
EVOLVING SCAM TACTICS
> BEC schemes are one of the most difficult cybercrimes we encounter as they
> typically involve a coordinated group of con artists scattered around the
> world who have experience with computer hacking and exploiting the
> international financial system.
Nick Hanna, U.S. Attorney
According to ACID, the global reach of cybercrime is spreading as criminals grow
increasingly sophisticated, as do their approaches to BEC. In an emerging and
lucrative BEC tactic, fraudsters are now exploiting capital call investment
payments, posing as representatives from a legitimate firm and requesting a fund
transfer for investment commitments. If successful, losses can be significant,
at an average of $809K.
Meanwhile, BEC schemes involving cryptocurrency are on the rise. Popularized by
speed and anonymity, the IC3 observed a surge in cryptocurrency-related BEC in
2020 with losses estimated at over $10M.
The second half of 2020 also saw criminals return to a tried-and-true BEC
approach — payroll diversion. Instances of fraudsters attempting to redirect
salary payments increased significantly, by 333% from July-December 2020; with
57% of American employees distracted by working from home, “threat actors appear
to be finding plentiful targets for a new wave of socially-engineered email
threats that could cost companies plenty.”
NOTORIOUS BEC GROUP RETURNS
After a period of inactivity, the cybercriminal group Cosmic Lynx are once again
launching BEC attacks. Notorious for high-value attempts against large,
multinational companies with requests averaging a massive $1.27M, the group has
returned with refined tactics and a tendency to leverage messaging around
COVID-19 vaccinations. Since January 2021, ACID has detected 43 BEC campaigns
associated with Cosmic Lynx targeting professionals in 19 countries.
CONSIDERATIONS FOR FINANCIAL INSTITUTIONS
Wire and ACH transfers are often high value, and the funds may be impossible to
recall once released to the Federal Reserve. Financial institutions need robust
solutions to detect fraudulent activity and prevent loss in real time.
With Verafin’s ACH Fraud and Wire Fraud solutions, you can stop suspicious
transactions in real time, before funds leave your institution. By analyzing
wire and ACH payments made by customers at financial institutions across the
Cloud, Verafin provides added confidence that receiving accounts have a trusted
transaction history.
As criminals grow increasingly sophisticated and coordinated, it is critical to
prepare for BEC and other fraudulent activities spanning multiple institutions.
With Verafin’s cross-institutional 314(b)-related analytics and Information
Sharing technology, you can engage in collaborative investigations with other
institutions to detect and prevent fraudulent activity that would otherwise go
undetected by a siloed system.
KEEPING PACE WITH CHANGE
BEC is a worldwide threat to financial institutions and customers, with
significant potential for loss. As fraudsters refine their strategies and pursue
increasing profits, responding with speed and confidence is crucial. With
analytical agents leveraging the latest advancements in artificial intelligence
and machine learning, and a customer-driven development process responding to
the needs of your institution, Verafin can help you stay a step ahead of
evolving BEC schemes.
To learn more about Verafin’s efficient and effective solutions to fight
payments fraud, including BEC, request a custom demo tailored for your
institution.
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OTHER TOPICS
Technology
VERAFIN
Verafin, a Nasdaq company, is an industry leader in enterprise Financial Crime
Management solutions, providing a cloud-based, secure software platform for
Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk
Customer Management and Information Sharing.
Read Verafin's Bio
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