16 business email/mobile phishing tricks to be aware of in 2019

Introduction

It’s hard enough running a business without a cybercriminal trying to ruin it. According to PWC, in 2018, 49% of organizations across the world have been a victim of fraud and economic crime; this is up from 36% in 2017. 

Business email and now mobile messaging apps are a mainstay of communications and a conduit for business phishing tricks. Fraudulent phishing emails are a continuing issue that organizations need to be aware of, to reduce the impact of cybercrime on their bottom line. 

Here are 16 of these phishing tricks to watch out for in 2019.

Security Awareness

1. Business Email Compromise (BEC)

The U.S. Treasury Department’s July 2019 report found that BEC costs U.S. companies around $300 million per month. Business Email Compromise uses social engineering, including spearphishing emails and surveillance of a company and employees. The scammer will often impersonate a company executive such as a CEO. The result is usually the transfer of money, sometimes millions of dollars.

2. Fake billing scams

During 2018, Australian companies lost over AUD 5 million due to fake billing scams. The scam tends to target smaller businesses. The fraudsters con a company into paying for spoof services. The scam works by sending an invitation, via email, to renew a company web domain or to list in a trade magazine. 

Scammers focus on the administration department, as they are less likely to be aware of business activities and hopefully (for the scammer) pay the “bill.”

3. Office 365 scams

Microsoft Office 365 is a popular tool for businesses. Therefore, it is also popular with cybercriminals. 

A recent report by VadeSecure found that Office 365 was the number one brand for phishing for login credentials. The scam uses the usual tricks of the phishing (Read more...)

*** This is a Security Bloggers Network syndicated blog from Infosec Resources authored by Susan Morrow. Read the original post at: http://feedproxy.google.com/~r/infosecResources/~3/3k2Yk2qAtqI/