Posts by Conduit Security
Evolution of Bank Heists
Traditional bank robberies are rapidly declining, given the low success rate for criminals. Cyber-crime, especially business email compromise (BEC) to conduct wire fraud, is the easier method for criminals to steal
Read MoreTrends: Ransomware vs. BEC
Ransomware is in the news, but you will start hearing more about wire fraud, initiated through Business Email Compromise (BEC). On a risk/reward basis, we believe that wire fraud is most likely to be the focus for cyber criminals in the near term. Driven mainly by business email compromise (BEC), wire fraud leads to immense…
Read More$130 Million Lost in Wire Fraud
One of our favorite financial authors, Matt Levine, wrote an article about a large wire fraud. The story he tells highlights the need for workflow automation, accountability, and transparency to supplement existing wire processes.
Read MoreWhat is the FBI Telling us about Wire Fraud?
Business Email Compromise (BEC) accounts for over 1/3 of all reported cyber losses in 2021, exceeding every other cyber crime loss.
Read MorePlausible Deniability And Who Absorbs A Wire Fraud Loss?
The question companies, leaders, and teams should be asking themselves is, “If you were solely responsible for wiring funds, and they go missing, what would you do differently? What tools and resources would you be demanding?”
Read MoreWire Fraud New Year’s Resolutions
Do you have a written policy and have you educated your team on the mechanics of the wire fraud? If not, the beginning of a new year is a great opportunity to resolve to address this threat to your business.
Read MoreRansomware Vs Wire Fraud
Although ransomware and wire fraud tend to be equal in occurrence, that is where many of the similarities end, especially for the victims.
Read More