This email scam targeting businesses is a billion-dollar problem, FBI warns

“Business Email Compromise” (BEC) scams, since October 2013 have cost businesses around the world over $1.2 billion, the FBI said recently.

7000 US businesses have reported $747 million in losses, with an average loss of $130,000, the FBI said.

The scammers succeed by compromising legitimate email accounts throughsocial engineering or malware that steals account credentials.

The fraudsters then use access to email accounts to gather intelligence such as information about billing and invoices that won’t raise the suspicion of employees who send transfer payments.

FBI Special Agent Maxwell Marker said the scammers have become adept at imitating invoices and accounts, giving them a sophistication beyond any similar scam previously seen by the FBI.

Are you ready for the new technology that will change our world, again?

Norman Marks on Governance, Risk Management, and Audit

It’s not that long since we were dismissing the Internet of Things as something very much ‘next generation’. But, as you will see from Deloitte’s collection of articles (Deloitte Review Issue 17), many organizations are already starting to deploy related technologies. I also like Wired magazine’s older piece.

Have a look at this article in the New York Times that provided some consumer-related examples. Texas Instruments has a web page with a broader view, mentioning building and home automation; smart cities; smart manufacturing; wearables; healthcare; and automotive. Talking of the latter, AT&T is connecting a host of new cars to the Internet through in-auto WiFi.

At the same time, technology referred to as Machine Learning (see this from the founder of Sun Microsystems) will be putting many jobs at risk, including analysis and decision-making (also see this article in The Atlantic). If that…

View original post 347 more words