| | AUGUST 20178CIOReviewCombating Fraudulent Pecuniary TransactionsBy Jason Witty, SVP & CISO, U.S. Bank [NYSE:USB]As the Chief Information Security Officer of a large bank, I worry about protecting our organization. But more often, I see our clients falling victim to this scheme. Businesses come to us when they discover fraud. In some cases, if noticed quickly, banks can stop the fraud, but once the client clicks on the bait or authorizes the transaction, the money is usually gone. A simple click or even voice activation is all it takes to have a devastating and lasting effect on a business.There are endless cyber security threats in today's world. Too many to count really, causing headaches for business owners. One of the most significant threats we see is scamming or phishing through the use of business email. It is extremely sophisticated and trending in the wrong direction.Business Email CompromiseLast June, the FBI reported over $3 billion had been lost as a result of the business email compromise (BEC) scheme. During this type of scam, the finance department receives an email, which they think is from the company CEO (or other executive) directing that they urgently send funds via wire. However, the email is not from the CEO and your money gets sent to criminals who spoofed or otherwise hacked the email account. We're also seeing tax season variations, asking for sensitive employee W2 data. Sometimes, the email is even supplemented by a phone call from a "consultant" to make the scam even more plausible. Recently, wire fraud is also happening after the wired funds have been transferred to the fraudster. The IN MY OPINION
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