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Fraud Campaign Targets Accounts Payable Contacts at Fortune 500 Firms

A new business email compromise (BEC) campaign is targeting accounts payable personnel at Fortune 500 companies in an attempt to trick victims into initiating fraudulent wire transactions to attacker-controlled accounts, IBM warns.

As part of BEC scams, attackers take over or impersonate a trusted user’s email account to target other companies and divert funds to their accounts. Based on phishing and social engineering, such attacks are relatively simple to perform and are attractive to cybercriminals, IBM notes.

As part of the recently observed campaign, attackers used well-crafted social engineering tactics and phishing emails to obtain legitimate credentials from their targets. The emails appeared to come from known contacts and mimicked previous conversations, while in some cases the attackers managed to insert themselves into ongoing conversations between business users.

Posing as the known contact from a vendor or associated company, the attackers then requested...(continued)

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