Following on from the story of a US judge losing $1m in an email fraud scam, John Wilson, Field Chief Technology Officer at Agari commented below.
John Wilson, Field Chief Technology Officer at Agari:
“This attack is so much worse than business email compromise because it targeted an individual, who instantly lost years of her savings. Unlike a consumer phishing scheme, where banks typically reimburse the customer’s losses, there’s no recourse for the victim. From the bank’s point of view, she instructed them to wire the money, and they simply carried out her instructions. This attack should serve as a cautionary tale; no one is safe from digital deception. Spear phishing attacks are particularly pernicious because they leverage the familiar – in this case a real estate lawyer – so it only takes a momentary lapse in judgement to become a victim. Everyone must do more to secure the identity and authentication of email.”