Mail Tribune reported that Southern Oregon University is just the latest victim of CEO fraud (which the FBI calls Business Email Compromise or BEC) after hackers tricked university employees into transferring money into one of the bad guys-controlled bank accounts.

The FBI describes in further detail how this type of BEC happens:

 

  • The scammer, posing as an established vendor, sends an e-mail to the university’s accounting office with bank account changes to be used for future payments.
  • Typically, it is an individual purporting to be from a construction company with which the university has an existing business relationship.
  • The scammer often spoofs the actual e-mail address of the company with a similar domain. For example, if the actual domain is abcbuilders.com, the scammer might register and use abcbuilders.net to send the e-mail.
  • The university sends their next payment to the scammer’s bank account, and the money is often unrecoverable by the time the university realizes they have been the victim of fraud.

We found one of the best videos out there to show you how CEO Fraud and Ransomware happen.

All of the Pink Hat’s clients who are using our Security Box tools have the protection offered by Cisco, who created and published the video, to help aid in the fight against infected websites. But what the first line of defense always comes down to, is educating the staff on what to watch for. Please let us know if you’d like a quote or more information on this.

Sources: Cisco.com / KnowBe4 Blog