The fraudulent practice of sending emails purporting to be from reputable companies in order to induce individuals to reveal personal information, such as passwords and credit card numbers.
How likely are businesses to experience a cyber scam?
Incredibly likely. In fact, it’s a near certainty that every business will eventually experience robocalls, phishing emails, malware, scam landing pages or even chatbots with bad intentions. The fraud industry is (unfortunately) growing. Between May 2018 and July 2019, the FBI reported a 100% increase in identified exposed losses due to business email compromise (BEC), a known form of cyber fraud. And over the last three years, the FBI reported that BEC has resulted in $26.6 billion in losses—and that’s just from one form of fraud.
Additionally, Verizon’s 2019 Data Breach Investigations Report found 40% of successful breaches used email phishing to gain access, while another 30% of successful breaches relied on stolen credentials. Shockingly, most businesses on average can expect to lose 5% of their annual revenue to fraud.
Taking fraud seriously can help stop companies from falling victim to cyber fraud. Learn what the latest schemes are and avoid them with these six fraud prevention tips from Ingram Micro’s security experts, Bill Vogtsberger and Cris Paffrath: