Cyber Brief for CFOs: August 2024

Each month, the team at Eftsure monitors the headlines for the latest accounts payable (AP) and security news. We bring you all the essential stories in our cyber brief so your team can stay secure.

Interpol recovers over $40 million from international email scam

In a major victory against cybercrime, Interpol recently recovered over USD 40 million in funds stolen through an international email scam. The operation, which spanned 103 countries, targeted business email compromise (BEC) schemes where cybercriminals infiltrated legitimate email accounts to defraud victims. 

It’s a massive win, but it’s worth noting that it’s also the product of an international, coordinated effort. When it comes to online cybercrime and scams, asset recovery is notoriously difficult (and rare). In our conversation with cyber investigator Ken Gamble, he explains why international cybercrime tactics and splintered jurisdictions make it difficult to recover stolen funds or other assets. 

Small business owner scammed out of $900K

A small business in Australia recently fell victim to a devastating scam, losing nearly $900,000. The scammer posed as a supplier, convincing the business owner to transfer the funds to a fraudulent account.

This incident underscores the importance of verifying payment details and remaining vigilant against increasingly sophisticated fraud tactics. But it’s an especially difficult task for small businesses, since they often have fewer resources for implementing robust control procedures. In fact, according to an Eftsure survey, one in five small businesses aren’t using any finance controls at all, illustrating the urgent need for payment protection solutions that help small teams add extra layers of security without sacrificing efficiency or speed.

Victorian government supplier payment details altered in cyberattacks

Recent cyberattacks have targeted Victorian Government suppliers, altering payment details and redirecting funds to fraudulent accounts. The attacks have raised significant concerns about the security of supplier payment systems and the potential vulnerabilities within government networks. As these incidents continue to rise, all organisations need to reassess their payment security measures.

Survey reveals widespread ignorance of payment fraud risks

A recent survey has revealed that many companies remain unaware of the risks associated with payment fraud, despite the increasing prevalence of sophisticated scams such as AI-driven deepfakes. The findings indicate a concerning gap in awareness and preparedness, leaving many organisations vulnerable to financial losses.

Banks on high alert for cyber warfare risk

Amid rising geopolitical tensions, Australian banks have been warned of an increased risk of cyber warfare. As critical infrastructure, financial institutions are prime targets for state-sponsored cyberattacks, making it essential for banks to bolster their defences and prepare for potential disruptions.