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06/30/2020
Abnormal Security Data Reveals 200 Percent Monthly Increase in Invoice and Payment Fraud Business Email Compromise Attacks
Business Wire
SAN FRANCISCO--(BUSINESS WIRE)--Abnormal Security, a leader in protecting large enterprises from Business Email Compromise (BEC) attacks, today published research data that shows a 200 percent increase in BEC attacks focused on invoice or payment fraud from April to May 2020. This sharp rise continues the trend observed by Abnormal Security throughout the year. According to the Abnormal Security Quarterly BEC Report for Q1 2020, invoice and payment fraud attacks increased more than 75 percent in the first three months of 2020.
During invoice and payment fraud BEC attacks, attackers pose as vendors, suppliers or customers in order to steal money using tactics such as initiating fraudulent wire transfers or hijacking vendor conversations to redirect vendor payments. These types of attacks typically involve much larger dollar amounts compared to other types of BEC attacks since they target business to business transactions.
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