International Fraud Awareness Week has kicked off amidst an evolving and increasingly pernicious threat landscape.
In the U.S. alone, individuals and organizations lose more than $2 billion each year due to cyber fraud. In many cases, victims find themselves with no recourse from their banks or their insurance carriers.
Cyber criminals play on the emotions of their victims to trick
them into providing account information or to change transfer
information. Because social engineering requires an action by the
victim, that intervening act generally absolves banks of liability
under the Electronic Finds Transfer Act and disqualifies many from
insurance coverage.
And the criminals are only becoming more clever in their efforts to
bypass security controls. While anti-phishing tools provide
protection from traditional phishing attacks, criminals are again
attempting to compromise the weakest link in security: the
human.
In a recent trend in phishing, criminals are using a simple trick. To access the embedded URL, victims are instructed to hold down the Ctrl key and click — a subtle yet highly effective action designed to evade email security scanners and automated detection tools. By asking for this human interaction, the attackers hope to bypass automated systems that don't expect such a behavior in an attack.
The following six categories of fraud need to be on your awareness list: Cyber Fraud: The use of phishing, malware, and ransomware remains prevalent. Cybercriminals target sensitive data and disrupt business operations. Internal Fraud: A significant threat from within, internal fraud involves fraudulent actions by employees, including document falsification, embezzlement, and theft. Invoice Fraud: Fraudsters send fake invoices to businesses, hoping they'll be processed without scrutiny. CEO Fraud: Often referred to as business email compromise (BEC), fraudsters pose as high-ranking executives to trick employees into transferring funds or sharing sensitive information Return Fraud: Especially common in retail, return fraud occurs when customers exploit return policies for financial gain. Payroll Fraud: When employees manipulate payroll systems for personal gain, it can lead to unexpected financial losses.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
