Businesses Lose $3.1 Billion to Email Scams, FBI Warns

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Business have lost over $3 billion because of compromised e-mail accounts, the FBI reports, citing “a sophisticated scam targeting businesses working with foreign suppliers and/or businesses that regularly perform wire transfer payments.” 22, 143 business have been affected — 14, 302 within the U.S. — with a total dollar loss of $3, 086, 250, 090, representing an increase of 1, 300% since January of 2015. Using social engineering or “computer intrusion techniques, ” the attackers target employees responsible for wire transfers (or issuing checks) using five scenarios, which include bogus invoices or executive requests for a wire transfer of funds, with some attackers even impersonating a corporate law firm. “Victims report that IP addresses frequently trace back to free domain registrars, ” warns the FBI’s Internet Crime Complaint Center, which also urges businesses to avoid free web-based e-mail accounts. Read more of this story at Slashdot.

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Businesses Lose $3.1 Billion to Email Scams, FBI Warns

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