Advisen released a whitepaper that examines the increasingly utilized and sophisticated criminal tactic of deception fraud known as spear phishing – a tactic that is tricking corporate America into sending money to imposters every day. Sponsored by The Hartford, this free 10-page paper offers actionable suggestions for effective risk mitigation.
Criminals often find the task of exploiting a person easier than exploiting a web application or network connection. Yet many organizations who collectively invest billions in highly sophisticated security technology often fail to adequately address what may be their biggest vulnerability, deception of their employees. Increasingly, criminals use deceptive techniques to exploit corporate business practices and circumvent controls, with the goal of tricking unsuspecting employees into sending money or diverting payments to imposters.
Deception fraud related losses can cause significant damage to the targeted company, and it can be difficult to recover lost funds. In addition to any immediate financial losses, other costs associated with responding to the fraud such as investigation and litigation can also be substantial. There are also the less quantifiable costs such as the impact the fraud may have to brand and reputation.
Deception fraud or social engineering is an organizational problem that requires an enterprise wide strategy with an emphasis on prevention. Employee education, internal controls, and behavioral practices are the only reliable way to reduce an organization’s exposure to a deception fraud related loss.
Download the white paper title ‘Spear-Phishing Attacks: Reeling in Corporate America‘