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Hundreds of businesses are being hit by this crafty cyber attack that’s more devastating than phishing scams

Businesses may have become savvy to the standard phishing scam that impersonates the tax office or a government regulator, but new figures released by the Australian Criminal Intelligence Commission have revealed a craftier type of attack is on the rise in Australia.

Known as “Business Email Compromise” (BEC), this type of fraudulent email is highly engineered and researched by the attackers, who pretend to be high profile or trusted individuals within organisations in order to trick bill payers into wiring vast amounts of money straight to the attacker’s bank account.

The Australian Criminal Intelligence Commission’s (ACIC) recent report into organised crime revealed 749 cases of BEC scams were reported in 2015-16 in Australia, with 243 cases emerging in just the first quarter of 2016-17.  To read more on the article, click here.

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