Connect with us

Banking

Cybercrime Update : What is Business Email Compromise?

Avatar

Published

on

According to Symantec’s 2016 Internet Security Threat Report (1), cybercrime attacks on small to medium-sized (SME) businesses have been increasing steadily over the last five years.

Although many of the high profile cases covered in the media involve large corporations, 43% of spear-phishing attacks – which use emails to trick recipients into clicking on a link and/or entering their confidential credentials – blocked by Symantec in 2015 were waged against companies with less than 250 employees. Another 22% targeted those with between 250 and 2,500 employees.

The fact is, no business is too small to be a victim and fraudsters are constantly devising new ways to steal information and money. One recent growing online security threat is the Business Email Compromise, also known as CEO Fraud and Chairman Fraud.

What is Business Email Compromise?

A business email compromise scam is a form of social engineering that involves a fraudster sending an email to a company’s payments team impersonating a contractor, supplier, creditor or even someone in senior management.

For example, the payments team may receive an email appearing to be from the CEO asking that an urgent payment be made.

Very often the email also instructs the recipient not to discuss the matter with anyone else.

In other scenarios, the payments team might receive an email or forged letter from a supplier advising that their account numbers have changed and requesting all future payments be made to the new account.

In both cases, this type of fraud can be difficult to detect since the sender’s email address appears to match that of a known address. Cybercriminals may sometimes even hack into a specific person’s actual email address – making it very difficult to identify as fraud.

(1) The Symantec 2016 Internet Security Threat Report can be downloaded at: https://www.symantec.com/security-center/threat-report

Source: Cybercrime Update — HSBC Global Connections

Advertisement
Comments

Banking

Thai economy continued on a decelerating trend in January

In January 2020, the Thai economy continued to be on a decelerating trend According to a Press Release by the Bank of Thailand

Avatar

Published

on

According to the Press Release on the Economic and Monetary Conditions for January 2020 (Bank of Thailand), the Thai economy continued on a path of deceleration in January, contracting from the previous month in the value of merchandise exports excluding gold, manufacturing production, private investment indicators, and public spending.

(more…)

Continue Reading

Banking

Thailand’s banks to reach unbanked customers

In this Global Platform video, Tan Choon Hin, CEO of United Overseas Bank Thailand, discusses industry trends across ASEAN, including regional integration and the push towards Industry 4.0.

Oxford Business Group

Published

on

For Thailand, the digitalisation strategy that is being pursued under Thailand 4.0 is improving internet infrastructure, which in turn is opening up opportunities for digital banking.

(more…)

Continue Reading

Banking

Thai banks slash growth forecast around 2%

Thai growth may be around 2% or less, said two major Thai commercial banks and a senior official of the Bank of Thailand.

Bahar Karaman

Published

on

Several major Thai banks have drastically reduced their GDP growth forecast for 2020 citing the coronavirus epidemic, drought and fiscal delays.

(more…)

Continue Reading

Must Read

Upcoming Events

Mar 11

Food science conferences

March 11 @ 8:00 am - March 12 @ 5:00 pm BMT
Mar 11

Food science conferences

March 11 @ 9:00 am - March 12 @ 5:00 pm BMT
Mar 22

41st World Dental Science and Oral Health Congress

March 22 @ 9:30 am - March 23 @ 5:00 pm BMT
Mar 26

8th Anti-Corruption Compliance Asia Pacific Summit 2020

March 26 @ 9:00 am - March 27 @ 5:30 pm SMT

Press Release

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 12,191 other subscribers

Trending