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