Friday 3rd July, 2020
There has been a 200 percent increase in BEC (Business Email Compromise) attacks focused on invoice or payment fraud from April to May 2020, according to Abnormal Security.
During invoice and payment fraud BEC attacks, attackers pose as vendors, suppliers or customers in order to steal money using tactics such as initiating fraudulent bank transfers or hijacking supplier conversations to redirect payments.
In one example in the US, the Abnormal Security team detected and stopped an attempted invoice fraud targeting a telecommunications provider, preventing more than $700,000 in losses. The attacker impersonated a real vendor and methodically engaged numerous employees over the course of two months, eventually convincing the target to change banking details and redirect the payment of a legitimate invoice of over $700,000 to the attacker’s account before the transaction was prevented.