Loyalty programs are big business for retailers and fraudsters alike. From airline miles to hotel stays to free coffee, consumers are extremely willing to share personal information with their favorite stores for rewards. Fraudsters are increasingly targeting these loyalty programs because consumers often don’t treat it like real money. The end result — $1 billion a year ends up in the pocket of these scammers. Continue reading
Understanding Fileless Attacks
Malware. The word alone makes us all cringe as we instantly relate it to something malicious happening on our computers or devices. Gone are the days when we thought the easiest way to protect our computers was to install the latest anti-everything. But today’s hackers no longer depend on victims downloading an infected file – they are now leveraging fileless malware. Continue reading
Scammers are getting more sophisticated and are constantly evolving to avoid detection. And, within small businesses themselves, there are internal issues that may lead to a higher risk of further external scams. For example, small and mid-sized businesses (SMBs), who often lack a proper system of checks and balances, are especially appealing to fraudsters. In a report released in April 2018 by the Association of Certified Fraud Examiners, scams within businesses with fewer than 100 employees, led to the following:
- Median loses of $850,000 – this was due to fraud committed by an owner or executive within the small business, further emphasizing the need for checks and balances.
- Check and payment tampering was nearly three times more likely at a small business than a larger one (22% to 8%). Other frauds much more common at small businesses included skimming (20% vs. 8%) and payroll (13% to 5%).
Business Email Compromise
It’s important that your employees know how to recognize phishing emails. However, business email compromise (BEC) scams are more sophisticated than traditional phishing attacks — and much harder to detect.
Unlike typical phishing emails that are characterized by unknown senders, grammar and spelling mistakes, and suspicious links and attachments, BEC emails appear to come from familiar entities.
The most common BEC scams are ones that impersonate a company’s CEO or financial adviser to request fake wire transfers. Your business could suffer major financial losses if it fell victim to a BEC attack. Most often, BEC scams are not discovered until it’s too late. As a result, lost funds resulting from the scams are nearly impossible to recover. Continue reading