Bad actors also did their research to make sure the scam looked legitimate, scouring company websites, LinkedIn, and social media accounts to make sure the names mentioned were correct.
While it may seem like the scam won’t net cybercriminals a huge amount of money, it couldn’t be further from the truth.
Microsoft said that by 2020 alone, BEC scams were successful in swindling victims $ 1.8 billion.
With this latest scam, a wide variety of industries have been targeted including professional services, agriculture, and manufacturing. But the most targeted sector was that of “consumer goods”, which accounted for more than a third (38%) of fraudulent messages sent.