BEC Attacks to Exceed $9B in 2018: Trend Micro

guest · Jan 3, 2020

Colorado Town Wires Over $1 Million to BEC Scammers
January 3, 2020
https://www.bleepingcomputer.com/news/security/colorado-town-wires-over-1-million-to-bec-scammers/

Colorado Town of Erie lost more than $1 million to a business email compromise scam (BEC) that ended with the town's employees sending the funds to a bank account controlled by scammers.

The fraudsters used an electronic form on the town's website to request a change to the payment information on the building contract for Erie Parkway Bridge awarded to SEMA Construction in October 2018.

"Specifically, the change was to receive payments via electronic funds transfer rather than by check," Erie Town Administrator Malcolm Fleming said in an email memo according to The Denver Post.
"Although town staff checked some of the information on the form for accuracy, they did not verify the authenticity of the submission with SEMA Construction; they accepted the form and updated the payment method."
Scammers get the money, Erie employee resigns
While Erie staff should follow guidelines designed to verify the authenticity of payment information change requests, in this case, the Erie staff member failed to do so.
The fraud was subsequently confirmed on November 5, when Erie staff was alerted by the bank of a possible fraud attempt and the staff was told by SEMA that the payment method request was not made from their end.
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The Town of Erie staff, the town's police department and the Federal Bureau of Investigation are investigating the incident. The town is also currently working on recovering the funds lost to the BEC scammers.
Bleeping Computer has reached out to the Town of Erie for for comment, but had not heard back at the time of this publication. This article will be updated when a response is received.
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guest · Jan 11, 2020

Texas school district loses $2.3 million from phishing scam
January 11, 2020
https://www.ksat.com/news/texas/202...district-loses-23-million-from-phishing-scan/

Manor Independent School District, just east of Austin, is out of $2.3 million from a phishing scam.

Investigators say the phishing email was sent to multiple people at the school district and it was a single person that responded.
The money was sent through three separate transactions.
Investigators said whoever paid didn’t realize the bank account information was changed and it was being sent to a fake bank.

January 10, 2020 - Manor, TX - The Manor Police Department along with the Federal Bureau of Investigation (FBI) is investigating an incident involving a phishing email scam that resulted in the loss of approximately $2.3 million to the Manor Independent School District. pic.twitter.com/KTT8IHhQrT
— Manor ISD (@ManorISD) January 10, 2020
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Minimalist · Jan 13, 2020

BEC Scammers Use Aging Report Phishing to Find New Targets

A group tracked as Ancient Tortoise is targeting accounts receivable specialists tricking them into sending over aging reports and thus collecting info on customers they can scam in later attack stages.
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https://www.bleepingcomputer.com/ne...se-aging-report-phishing-to-find-new-targets/

guest · Feb 3, 2020

Rijksmuseum Twenthe scammed out of nearly €3 million by cyber criminals
January 31, 2020
https://nltimes.nl/2020/01/31/rijksmuseum-twenthe-scammed-nearly-eu3-million-cyber-criminals

The Rijksmuseum Twenthe lost nearly 3 million euros to cyber criminals while trying to buy a painting from a London art dealer, museum director Arnoud Odding confirmed to NOS after reports by news agency Bloomberg. The case is still in court.

According to Bloomberg, Odding became interested in an 1824 painting by British painter John Constable, titled A View of Hampstead Heath: Child's Hill, Harrow in the Distance, at an art fair in Maastricht two years ago. The museum in Enschede negotiated with the London art dealer for months, until it was agreed that Rijksmuseum Twenthe would buy the painting for 2.85 million euros.

The museum received and account number in Hong Kong by email and transferred the money. But the London art dealer said it never received the amount. It later turned out that the email with the bank details came from cyber criminals.
The court ruled in favor of the London art dealer, but added that the Rijksmuseum Twenthe could make a claim on other grounds. The museum is currently considering how to proceed with this case, Odding said to NOS.
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Fraudsters Posing as Art Dealer Got Gallery to Pay Millions

guest · Feb 4, 2020

Community Housing Nonprofit Hit with $1.2M Loss in BEC Scam
February 4, 2020
https://threatpost.com/community-housing-nonprofit-bec-scam/152563/

A non-profit community housing collective has been swindled out of more than $1.2 million in a business email compromise (BEC) campaign.

Red Kite Community Housing, a coop housing association in High Wycombe, U.K. (outside of London) announced in a recent website notice that £932,000 of the money paid into its coffers by tenant-owners was transferred to cybercrooks thanks to a convincing domain-spoofing effort.
The attackers set up an imposter website and fake – but convincing – email addresses purporting to be known suppliers to Red Kite.

“They managed to recreate an email thread that misled those who were copied into the email that it was a genuine follow up to an existing conversation,” the organization explained. It added that the group has safeguards in place against BEC in the form of a “two-stage process to verify changes to payments and accounts” – but, a human mistake was somehow made along the way.
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guest · Feb 12, 2020

Official: Puerto Rico govt loses $2.6M in phishing scam
February 12, 2020
https://www.ksl.com/article/46717038/puerto-rico-government-loses-26-million-in-phishing-scam

Puerto Rico's government has lost more than $2.6 million after falling for an email phishing scam, according to a senior official.

The finance director of the island's Industrial Development Company, Rubén Rivera, said in a complaint filed to police Wednesday that the agency sent the money to a fraudulent account.
Rivera said the government agency transferred the money on Jan. 17 after receiving an email that alleged a change to a banking account tied to remittance payments, according to a police statement.

It’s unclear whether officials have been able to recover any of the money and what impact the financial loss has on the government agency.
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guest · Feb 14, 2020

3 Employees Suspended in $4M Puerto Rico Online Scam
February 14, 2020
https://www.securityweek.com/3-employees-suspended-4m-puerto-rico-online-scam

Manuel Laboy, executive director of Puerto Rico’s Industrial Development Company, said rigorous procedures were not followed when the agency received an email alleging a change in banking accounts that prompted someone to transfer more than $2.6 million to a fraudulent account in the U.S. mainland last month.
He added that the FBI has been able to freeze the money sent, which involves public pension funds.

The scam also targeted Puerto Rico’s Tourism Company, which sent $1.5 million, police have said.
Ayala said the FBI is investigating how the computer was hacked.

“No system is 100% safe,” he said, adding that training employees on cyberattacks and keeping software up to date is key.
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Minimalist · Feb 14, 2020

No compromising on security

It’s been a long time since a threat focused the attention of cyber-security professionals quite like Business Email Compromise (BEC). Dubbed cyber-security’s priciest problem, BEC recently took the headlines at the Gartner Security Summit where it was picked out as a major threat facing organisations worldwide. With cases reported in 150 countries along with all 50 US states, what makes the rise of BEC so concerning is not necessarily its increasing prevalence—attacks rose by 297% across 2018—but its worryingly high success rate. Between December 2016 and May 2018 alone, the value of identified exposed losses increased by 136%. BEC is so potentially damaging that the FBI issued a Public Service Announcement in September of this year warning of the threat and estimating that it has cost global businesses around $26bn since 2016.
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https://eiuperspectives.economist.com/technology-innovation/no-compromising-security

guest · Feb 23, 2020

Cybergang Favors G Suite and Physical Checks For BEC Attacks
February 20, 2020
https://threatpost.com/cybergang-favors-g-suite-and-physical-checks-for-bec-attacks/153074/

Researchers have uncovered a new business email compromise (BEC) threat actor, which they call Exaggerated Lion, targeting thousands of U.S. companies with money pilfering scams. The cybercrime ring is unique in its leveraging of Google’s cloud-based productivity suite, G Suite, and for its use of physical checks for collecting fraudulent payments – as opposed to wire transfers.

Researchers first started engaging with the threat group in April 2019 after observing an attempted attack on a customer’s Accounts Payable Specialist. The BEC attack’s initial email message impersonated the victim’s CEO and asked if a check could get mailed out to a “vendor”. Over time, the threat actor has also evolved their hooks to sometimes include fake invoices and W-9 forms attached to these initial emails to give them more legitimacy, researchers said.

“Exaggerated Lion likely prefers to use physical checks rather than wire transfers because, while it might take longer to complete the transactions, they will likely be more lucrative in the long run,” Crane Hassold, senior director for threat research at Agari, told Threatpost.
The cybercriminals also have a clear preference for using Google’s enterprise solution for cloud-based email, G Suite, as part of their delivery infrastructure.
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Trend Micro: Cybercrime Group Uses G Suite, Physical Checks in BEC Scam

guest · Feb 25, 2020

School district falls victim to email scam
February 21, 2020
http://delrionewsherald.com/news/article_3cf7c886-5450-11ea-ad95-27b1c4a91faf.html

A business email compromise scheme targeted San Felipe Del Rio CISD recently, yet the school district remains positive the issue will be resolved.

The school district discovered the attack on Tuesday and learned funds were electronically transferred via Automated Clearing House to a fraudulent account instead of a proper account, according to a press release.
The funds were intended as payments to a bank for the district’s debt service, according to the press release.

“I want to assure our community that the San Felipe Del Rio CISD remains financially strong and is working to prevent future fraud schemes by reviewing our systems and putting additional safeguards in place,” San Felipe Del Rio CISD Superintendent Dr. Carlos Rios said in the press release.
Additional details were not provided at this time, due to the ongoing law enforcement investigation, per the district’s statement.
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guest · Mar 6, 2020

FBI Warns of BEC Attacks Abusing Microsoft Office 365, Google G Suite
March 6, 2020
https://www.bleepingcomputer.com/ne...-abusing-microsoft-office-365-google-g-suite/

The US Federal Bureau of Investigation (FBI) warned private industry partners of threat actors abusing Microsoft Office 365 and Google G Suite as part of Business Email Compromise (BEC) attacks.

"The scams are initiated through specifically developed phish kits designed to mimic the cloud-based email services in order to compromise business email accounts and request or misdirect transfers of funds," the FBI said in a Private Industry Notification (PIN) from March 3.
"Between January 2014 and October 2019, the Internet Crime Complaint Center (IC3) received complaints totaling over $2.1 billion in actual losses from BEC scams targeting Microsoft Office 365 and Google G Suite."
BEC scammers in the cloud
The cybercriminals move to cloud-based email services matches organizations' migration to the same services from on-premises email systems.

Targets are redirected to the phishing kits used as part of these BEC attacks via large scale phishing campaigns, with the phishing kits being email service-aware and capable of detecting the "service associated with each set of compromised credentials."
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BEC defense recommendations
Even though both Microsoft Office 365 and Google G Suite come with security features that can help block BEC scam attempts, many of them have to manually configured and toggled on by IT administrators and security teams.

Because of this, "small and medium-size organizations, or those with limited IT resources, are most vulnerable to BEC scams," the FBI added.
The FBI issued a number of defense recommendations IT admins can implement on their networks to prevent BEC attacks: [...]
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guest · Mar 13, 2020

Ancient Tortoise BEC Scammers Launch Coronavirus-Themed Attack
March 13, 2020
https://www.bleepingcomputer.com/ne...ec-scammers-launch-coronavirus-themed-attack/

A Business Email Compromise (BEC) cybercrime group has started using coronavirus-themed scam emails that advantage of the COVID-19 global outbreak to convince potential victims to send payments to attacker-controlled accounts.

In a report shared exclusively with BleepingComputer, Agari Cyber Intelligence Division (ACID) researchers say that they "believe this attack is the first reported example of BEC (business email compromise) actors exploiting the global COVID-19 event."
Aging reports (also known as a schedule of accounts receivable) are sets of outstanding invoices that help a company's financial department to track customers who haven't paid goods or services bought on credit.
Several BEC groups are using aging report in attacks
Ancient Tortoise is just one of the BEC scammer groups tracked by Agari, with Silent Starling, Curious Orca, and Scattered Canary being other actors known for running elaborate BEC schemes leading to the compromise of hundreds of employees from companies from all over the world.
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To defend against BEC attacks, Agari recommends vendors and suppliers who are initially targeted via executive impersonation attacks to implement strong email authentication and anti-phishing email protections focused on defending against advanced identity deception attacks and brand spoofing.
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guest · Mar 15, 2020

4:15 p.m.: An urgent message from the CEO
March 15, 2020
https://www.cloudcomputin.com/2020/03/415-p-m-an-urgent-message-from-the-ceo/

What is CEO fraud, why is it so prevalent, and how can organizations recognize and defend themselves against these scams?
What is CEO fraud?
CEO fraud is a form of spearphishing attack that targets members of the company’s finance or accounting team. While in a whaling type attack criminals target senior management, in the case of the CEO fraud, they try to impersonate executives to convince the email recipients to quickly transfer money for a supposedly critical operation for the organization. However, the money is transferred to an account under the control of cybercriminals.

Criminals also work upstream to steal the required identity. Finding the names of the company’s senior executives usually requires only a simple online search, probably on the company’s own website. Name theft thus adds credibility to their attempt.
The next step involves imitating or spoofing the email address. The easy method is to create a fake email address that looks like the legitimate one. [...]
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How to protect your organization
The first step an organization can take to protect itself from this type of fraud is a clear and robust financial transaction protocol. For example, requiring the approval of at least two authorized persons for any transfer can be part of the rules. Rules on the types of transfers can also be implemented.
As is usually the case with fraud prevention, awareness training and vigilance are once again your allies.
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guest · Mar 26, 2020

Mirae Asset Daewoo loses $5m in email scam
March 27, 2020
http://www.koreaherald.com/view.php?ud=20200327000498

Korean brokerage firm Mirae Asset Daewoo said Friday that its Hong Kong branch has suffered a loss of $5 million in a recent email fraud scam.

The firm’s Hong Kong branch concluded an underwriting agreement to take over airplanes from an aircraft leasing company last year and made another contract to sublease the aircrafts to a carrier in Asia. But it was targeted in a “spear-phishing” attack while paying the balance, the brokerage said.
Spear-phishing is an email scam targeted at specific individuals or groups within an organization that appears to be from a trusted source.

An employee at the branch received the scam email in early March requesting to pay the balance of $5 million with attached bank account information. Since the email sender and its format matched previous emails, the employee transferred the amount without misgivings.
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guest · Mar 27, 2020

Longview company loses $160k in apparent scam
March 27, 2020
https://tdn.com/news/local/longview...cle_6ee68b1d-35c7-527a-8c85-b9f1a032d08a.html

A Longview wireless network supplier lost $160,000 of equipment to a fraudster suspected of posing as an international construction company, according to a police report.

Last Mile Gear reported the apparent scam to Longview police on Wednesday. A company official told police it thought it sold the products to North Carolina-based Turner Construction Co., so it shipped the supplies to two different locations on the east coast, according to the report.
The equipment has since disappeared. And when Last Mile called the construction company, a representative said Turner “did not and has never purchased” from the Longview supplier, according to the report.

“It appears this was a scam, and Turner Construction information was used without permission by the perpetrator,” said police Sgt. Chris Blanchard.
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guest · Apr 6, 2020

mood said: ↑

FBI Warns of BEC Attacks Abusing Microsoft Office 365, Google G Suite
March 6, 2020
https://www.bleepingcomputer.com/ne...-abusing-microsoft-office-365-google-g-suite/
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FBI warns again of BEC scammers exploiting cloud email services
April 6, 2020
https://www.bleepingcomputer.com/ne...bec-scammers-exploiting-cloud-email-services/

FBI's Internet Crime Complaint Center (IC3) has issued today a public service announcement warning of cybercriminals abusing popular cloud-based email services as part of Business Email Compromise (BEC) attacks.

This is the second time within a month that the FBI has warned of malicious actors abusing cloud email to conduct BEC scams, with a private industry notification (PIN) on the same subject having been issued on March 3.

"Between January 2014 and October 2019, the Internet Crime Complaint Center (IC3) received complaints totaling over $2.1 billion in actual losses from BEC scams targeting Microsoft Office 365 and Google G Suite," the FBI said in the PIN.
Cloud email and BEC scams
The crooks' move to attacking trough cloud-based email services matches organizations' migration to the same type of services from on-premises email.

"Upon compromising victim email accounts, cybercriminals analyze the content to look for evidence of financial transactions," the FBI explained today.
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guest · Apr 23, 2020

Hackers Trick 3 British Private Equity Firms Into Sending Them $1.3 Million
April 23, 2020
https://thehackernews.com/2020/04/bec-scam-wire-transfer-money.html

In a recent highly targeted BEC attack, hackers managed to trick three British private equity firms into wire-transferring a total of $1.3 million to the bank accounts fraudsters have access to — while the victimized executives thought they closed an investment deal with some startups.

According to the cybersecurity firm Check Point, who shared its latest investigation with The Hacker News, nearly $700,000 of the total wire transferred amount has permanently lost to the attackers, with the rest of the amount recovered after researchers alerted the targeted firms in time.
Dubbed 'The Florentine Banker,' the sophisticated cybercrime gang behind this attack, "seems to have honed their techniques over multiple attacks, from at least several years of activity and has proven to be a resourceful adversary, quickly adapting new situations," the researchers said.
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[...] Put differently, the Florentine Banker group sent one mail each from the spoofed domains to the counterparty, thus inserting itself into the conversation and deceiving the recipient into thinking that the source of the email is legitimate.

'Every email sent by each side was in reality sent to the attacker, who then reviewed the email, decided if any content needed to be edited, [...]'
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Check Point Research: IR Case: The Florentine Banker Group

guest · May 14, 2020

Scammers steal $10 million from Norway's state investment fund
May 14, 2020
https://www.bleepingcomputer.com/ne...0-million-from-norways-state-investment-fund/

Fraudsters running business email compromise scams were able to swindle Norfund, Norway’s state investment fund, out of almost $10 million.
Professional BEC operation
The scammers got access to the email system, which allows them to monitor communication between Norfund employees and their partners. This also allowed them to figure out who’s responsible for money transfers.

According to Norfund CEO Tellef Thorleifsson, the scammers spent several months in the system, learning the ropes and carefully preparing the robbery.
A microfinance institution in Cambodia was supposed to receive NOK 100 million (~$9.8 million) but the money was sent to an account in Mexico, controlled by the fraudsters.
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Aftenposten reports that the robbery occurred on March 16 but it came to light more than a month later, on April 30.
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guest · May 14, 2020

mood said: ↑

Cybergang Favors G Suite and Physical Checks For BEC Attacks
February 20, 2020
https://threatpost.com/cybergang-favors-g-suite-and-physical-checks-for-bec-attacks/153074/

Trend Micro: Cybercrime Group Uses G Suite, Physical Checks in BEC Scam
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BEC Gang Exploits G Suite, Long Domain Names in Cyberattacks
May 14, 2020
https://threatpost.com/bec-gang-exploits-g-suite-long-domain-names-in-cyberattacks/155718/

Making matters worse, BEC cybergangs are turning to new tactics and tricks to avoid detection and capitalize on existing victims. For instance, a cybercriminal gang that researchers call “Exaggerated Lion” has been making use of G Suite and extremely long domain names to swindle millions of dollars out of its victims.

Crane Hassold, senior director of research with Agari, talks to Threatpost at RSA 2020 about how BEC scams are becoming more dangerous and trickier to detect.
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guest · May 16, 2020

Dutch Online Retailer Wehkamp Loses 144,000 Euros in Bankruptcy Business Email Compromise
May 15, 2020
https://blog.knowbe4.com/dutch-onli...euros-in-bankruptcy-business-email-compromise

Cyber criminals successfully gained access to email traffic between bankruptcy trustees and Wehkamp – one of the biggest online retailers in The Netherlands – writes RTL Z. Employees of the company unknowingly transferred 144,000 euros to cyber criminals who pretended to be the trustees of a clothing brand the retailer sells on its website.

Didi’s trustees now hold Wehkamp at least partly responsible for the money that went missing. The online retailer claims it is not responsible, because their systems were ‘not technically hacked’. According to Tweakers, the trustees have already subpoenaed the Dutch retailer.
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guest · May 19, 2020

BEC Scammers target unemployment and CARES Act claims
May 19, 2020
https://www.bleepingcomputer.com/ne...ers-target-unemployment-and-cares-act-claims/

A group of business email compromise (BEC) Nigerian scammers has been targeting U.S. unemployment systems and COVID-19 relief funds provided through the CARES Act.
Exploiting Gmail feature
Scattered Canary used social security numbers and personally identifiable information from identity theft victims to create fake accounts on websites for processing CARES‌ Act payments.
By taking advantage of a feature in Gmail, they were able to use for the fraudulent claims variations of the same email address. Replies to any of those addresses would be delivered to a single Gmail account, though.
Hundreds of fraudulent claims
The researchers found that the BEC scammers over two weeks (April 15-29) filed through the website set up by the IRS at least 82 fraudulent claims for CARES‌ Act for financial relief caused by the COVID-19 pandemic.

“The only information needed by Scattered Canary to file these claims was an individual’s name, address, date of birth, and social security number” - Agari
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Agari has been tracking the actor since its early days, as it started as a one-man operation running Craigslist scams. It soon moved to romance scams
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guest · May 29, 2020

How to deal with internal BEC
BEC attacks that use compromised mailboxes are especially dangerous
May 28, 2020
https://www.kaspersky.com/blog/fighting-internal-bec/35691/

In recent years, business e-mail compromise (BEC) attacks have become more frequent. Their objective is to compromise business correspondence for the purpose of committing financial fraud, extracting confidential information, or harming a company’s reputation.

In our previous post about the types of BEC and ways to deal with them, we mentioned e-mail hijacks. Today, however, we’re talking about the most dangerous type of BEC attack — the internal BEC. We recently developed and implemented a new technology to protect against this particular threat.
Why an internal BEC is more dangerous than an external one
Internal BEC attacks differ from other attack scenarios in that fraudulent e-mails are sent from legitimate addresses within one company. In other words, to initiate an internal attack, an attacker has to have gained access to an employee’s mail account [...]
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guest · Jun 10, 2020

Three Warning Signs of a Business Email Compromise (BEC) Attack
June 8, 2020
https://www.proofpoint.com/us/blog/...ng-signs-business-email-compromise-bec-attack

Business Email Compromise (BEC) has become a major concern for organizations of all sizes, in all industries, all around the world. In 2019, the FBI’s Internet Crime Complaint Center (IC3) recorded 23,775 complaints about BEC, which resulted in more than $1.7 billion in losses.

BEC is perpetrated when attackers spoof a trusted identity to lure their targets into providing sensitive information and rerouting funds. Since these attacks rely on publicly available research and social engineering rather than malicious links or attachments, they can be especially hard to detect using traditional tools and methods. While these attacks have become more refined and targeted in recent years, there are a few telltale signs that can help these deceptive messages stand out.

To successfully identify and protect against BEC attacks, keep these three common warning signs in mind: [...]
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guest · Jun 17, 2020

mood said: ↑

Scammers steal $10 million from Norway's state investment fund
May 14, 2020
https://www.bleepingcomputer.com/ne...0-million-from-norways-state-investment-fund/
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Business email compromise: What can be learned from the Norfund attack
June 17, 2020
https://www.theregister.com/2020/06/17/proofpoint_business_email_compromise/

Falling for an impostor’s email is easier than you might think. The recent attack which saw Norway’s state-owned investment fund, Norfund, lose an eye-watering USD 10 million (approx. 100 million NOK) was down to a simple but devastatingly effective tactic used by cybercriminals: a spoofed email address.

A close cousin to BEC is Email Account Compromise (EAC) attacks, where the goal of the attacker isn’t just to impersonate you—it’s to become you. [...]
You cannot just protect against BEC and be protected from EAC. BEC and EAC are so complex and difficult to prevent because attackers are smart and adapt to the environment, leveraging multiple tactics to get inside an organisation.
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The trouble is, telling the difference between authentic emails and an impostor’s scam is not always easy and employees across all job levels and functions can put your business at risk. Whilst BEC and EAC attacks may amount to a simple case of professional identity deception, the underlying issue is the lack of cyber security awareness amongst the global workforce.

Fortunately, it’s never too late—or too early—to start developing a strong defence strategy.
Here are some recommendations for security teams to consider: [...]
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guest · Jun 17, 2020

BEC Attacks on the C-Suite Dropped 37% in Q1
June 17, 2020
https://www.darkreading.com/attacks...-the-c-suite-dropped-37--in-q1/d/d-id/1338105

Business email compromise (BEC) attacks increasingly are targeting accounts payable departments and attempting to establish trust via email exchanges before launching an attack.

Ken Liao, vice president of marketing at Abnormal Security, says people who work in finance or accounts payable often don't not know every vendor – many companies have hundreds, even thousands of vendors and suppliers.

"The AP people are lower in the organization, but they still have the ability to make large payments," Liao says. "The criminals impersonate the vendor by folding into the natural workflow."
The numbers don't lie: In a report released today, Abnormal Security saw a 28% increase in the size and frequency of BEC attacks over the fourth quarter of 2019 and a 17% increase in large campaigns aimed at 10 or more recipients. Individual BEC attacks targeting the C-suite dropped by 37%.
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