Cyber criminals stole more than $28 billion through email fraud from 2016-2020, according to the FBI. Let that sink in.
The time is now for organizations to re-evaluate business procedures and invest in updated technology to defend against increasingly savvy fraudsters. This is the premise of a new whitepaper we were thrilled to co-author with Chubb and Gordon Rees Scully Mansukhani LLP. The paper, “Guarding Against Email Social Engineering Fraud: Re-examining a Global Problem,” explores common types of email social engineering schemes, particularly involving payments and suppliers, and how today’s cyber criminals are employing more sophisticated social engineering attacks than in the past. The paper also discusses ways in which companies can deploy technology and update their business practices to help verify information received electronically and authenticate the identity of business partners.
According to the new whitepaper, the most common social engineering fraud schemes include impersonation of executives, vendors and suppliers, exploitation of email accounts, and manipulation of vendor management accounts. Some of the best ways to prevent these attacks include exactly what our business identity platform was built to do, including:
- Reevaluate and rebuild the vendor management processes to account for changes to vendor data, rather than address them ad hoc during the payment process
- Authenticate the information provided by using a modern technology platform that allows companies to onboard vendors or payees in a secure network environment to prove and verify identity
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