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Understanding Imposter Fraud – aka Business Email Compromise Fraud

 |  February 02, 2016

According to the Federal Bureau of Investigation (FBI), cyber thieves have stolen nearly $750 million between October 2013 and August 20151 through imposter fraud – aka business email compromise fraud – a scam that spoofs or hijacks email accounts of business executives. Once compromised, fraudsters use the email accounts to send fraudulent transaction instructions to company employees and steal client funds. Fraud attempts have increased by 270 percent in 2015 alone with all types and sizes of businesses affected.

Security expert Guardian Analytics highlighted how imposter fraud happens in this tutorial video. Watch it to learn how you can protect yourself.


1Source: http://krebsonsecurity.com

This material, including without limitation to the statistical information herein, is provided for informational purposes only. The material is based in part on information from third-party sources that we believe to be reliable, but which have not been independently verified by us and for this reason we do not represent that the information is accurate or complete. The information should not be viewed as tax, investment, legal or other advice nor is it to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision. Nothing relating to the material should be construed as a solicitation, offer or recommendation to acquire or dispose of any investment or to engage in any other transaction.

The Federal Bureau of Investigation, Guardian Analytics, and Krebs on Security are not affiliated with Silicon Valley Bank or any of its affiliates.



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