Business Email Compromise is on the Rise

By Phil Burnett, Executive Vice President Security Operations and Chief Information Security Officer at High Wire Networks

Several research firms, IT security investigators and intelligence sharing organizations are cautioning companies, shoppers, retailers, and major online retailers to be wary of an increase in sophisticated email scams.

“Nearly a third of U.S. consumers said they received a phishing email around Black Friday last year either by email or SMS to their personal email or cell,” according to one Tessian report. “The thing is that consumers expect to receive more marketing and advertising emails from retailers during this time, touting their deals, along with updates about their orders and notifications about deliveries.

Inboxes are noisier-than-usual. This makes it easier for cybercriminals to ‘hide’ their malicious messages. Attackers can leverage the ‘too-good-to-be-true’ deals people are expecting to receive and use them as lures to successfully deceive their victims. When the email looks like it has come from a legitimate brand and email address people are more likely to click on malicious links that lead to fake websites or download harmful attachments.

Tessian also notes that employees at retailers should be vigilant about phishing attacks as they approach the busiest time of the year.

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