1310 Nowell Road
Raleigh, NC 27607
Although Microsoft Office 365 is a great IT solution and we recommend that our clients use it, over the past few months, we have seen major threats emerge. There’s been a proliferation of BEC (Business Email Compromise) Scams and Office 365 hacks resulting in large sums of money being transferred to fraudulent entities.
The FBI’s Internet Crime Complaint Center (IC3) has issued an alert describing a growing number of scams targeting businesses working with foreign suppliers or businesses that regularly perform wire transfer payments. These sophisticated scams are classified as Business Email Compromises (BEC) or email account compromises (EAC) and use social engineering techniques to defraud.
The techniques used in the BEC/EAC scams have become increasingly similar, prompting the IC3 to begin tracking these scams as a single crime type. The scam is carried out when a subject compromises legitimate business email accounts through social engineering or computer intrusion techniques to conduct unauthorized transfers of funds.
Most victims report using wire transfers as a common method of transferring funds for business purposes; however, some victims report using checks as a common method of payment. The fraudsters will use the method most commonly associated with their victim’s normal business practices.
The BEC Scam has evolved to include the compromising of legitimate business email accounts and requesting Personally Identifiable Information (PII) or Wage and Tax Statement (W-2) forms for employees and may not always be associated with a request for transfer of funds.
It’s largely unknown how victims are selected; however, the subjects monitor and study their selected victims using social engineering techniques prior to initiating the BEC Scam. The subjects are able to accurately identify the individuals and protocols necessary to perform wire transfers within a specific business environment. Victims may also first receive “phishing” emails requesting additional details regarding the business or individual being targeted (name, travel dates, etc.).
Based on IC3 complaints and other complaint data, there are five main scenarios by which this scam is perpetrated.
BEC and other scams can affect you when your email isn’t backed up properly. BEC Hackers are using ransomware to infecting emails when you use Microsoft Office 365.
Office 365 users receive an important email from Microsoft that appears to be harmless. It contains a link that when clicked deploys a ransomware virus that infects your computer and networks. The original scam used a virus names CryptoLocker.
It can encrypt all the files on your computer and hold them for ransom. Now you’re at the mercy of the hacker until you pay. If you don’t pay, the hacker will destroy your files. However, it’s advised that you don’t pay because the hacker may take the money and still leave you without your files.
CSP has two products that can help to prevent these risks.
We’d like to tell you more about these solutions. To learn more join our Webinar: “How To Prevent Office 365 From Becoming A Major Security Risk.” You can Register Here. Or, contact our Cybersecurity Experts in Raleigh, NC to schedule a complimentary consultation to learn how we can protect your computers and networks.
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Raleigh IT Support Company and IT Services Provider | CSP Inc.
1310 Nowell Rd,
Raleigh, NC 27607
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