Preventing, Insuring, and Surviving Fund Transfer Fraud... and Other Cyber Attacks
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1 Preventing, Insuring, and Surviving Fund Transfer Fraud... and Other Cyber Attacks Nick Merker, CISSP, CIPT Stephen Reynolds, CISSP, CIPP/US Nick Reuhs Attorneys at Ice Miller LLP IceonFire
2 Fund Transfer Fraud What is It? IceonFire
3 What is at Risk? IceonFire
4 How Much is at Risk? The following BEC statistics were reported to the Internet Crime Complaint Center from October 2013 to August 2015: Total U.S. Victims: 7,066 Total U.S. exposed dollar loss: $747,659, Total Victims: 8,179 Total Exposed dollar loss: $798,897, These totals, combined with those identified by international law enforcement agencies during this same time period, bring the BEC exposed loss to over $1.2 billion. Source: Internet Crime Complaint Center (IC3), Alert Number I a-PSA IceonFire
5 Fund Transfer Fraud Threat Vectors IceonFire
6 Business Compromise Source: Internet Crime Complaint Center (IC3) IceonFire
7 Business Compromise Business Compromise (BEC) is defined as a sophisticated scam targeting businesses working with foreign suppliers and/or businesses that regularly perform wire transfer payments. The scam is carried out by compromising legitimate business accounts through social engineering or computer intrusion techniques to conduct unauthorized transfers of funds. Source: Internet Crime Complaint Center (IC3), Alert Number I a-PSA IceonFire
8 Fund Transfer Fraud Basic Example IceonFire
9 Spear Phishing Basic Example IceonFire
10 Spear Phishing Basic Example IceonFire
11 Spear Phishing Basic Example examp1e.com IceonFire
12 What Else Does It Look Like? IceonFire
13 Spear Phishing Basic Example IceonFire
14 Fund Transfer Fraud Threat Vectors Vishing SMSishing IceonFire
15 Funds Transfer Fraud Liability Uniform Commercial Code Article 4A Liability falls to customer if the bank has adopted a commercially reasonable security procedure, and the bank has followed that procedure in good faith. IceonFire
16 Funds Transfer Fraud Liability What constitutes commercially reasonable? Some courts have looked to industry standards and industry white papers (i.e. Federal Financial Institutions Examination Council Authentication in an Internet Banking Environment) IceonFire
17 How to Prevent? Security Awareness Inform employees of fund transfer fraud. Avoid presentation style training Identify risk to company with examples Attack your own employees. Third party services Carrot or stick approach IceonFire
18 How to Prevent? Other Suggestions For Protection Implement banking safeguards. Use a SPAM gateway that flags s with extensions that are similar to company . For example, legitimate of icemiller.com would flag fraudulent of icemilller.com. Establish internal processes that require separation of duties (initiation of transfer vs. execution). IceonFire
19 Account Compromise and Ransomeware Stephen Reynolds, CISSP, CIPP/US Attorney at Ice Miller LLP IceonFire
20 Account Compromise Source: Internet Crime Complaint Center (IC3) IceonFire
21 Account Compromise Account Compromise (EAC) is a sophisticated scam that targets the general public and professionals associated with, but not limited to, financial and lending institutions, real estate companies, and law firms. The EAC scam is very similar to the Business Compromise (BEC) scam, except that it targets individuals rather than businesses. In EAC scams, criminal actors use social engineering or computer intrusion techniques to compromise the accounts of unsuspecting victims. In many cases, a criminal actor first gains access to a victim s legitimate address for reconnaissance purposes. The criminal actor then creates a spoofed account that closely resembles the legitimate account, but is slightly altered by adding, changing, or deleting a character. The spoofed address is designed to mimic the legitimate in a way that is not readily apparent to the targeted individual. The criminal actor then uses either the victim s legitimate or the spoofed address to initiate unauthorized wire transfers. Source: Internet Crime Complaint Center (IC3), Alert Number I b-PSA IceonFire
22 What Does It Look Like? Financial/Brokerage Services An individual s account is compromised by a criminal actor. The criminal actor, who is posing as the victim, sends an to the victim s financial institution or brokerage firm requesting a wire transfer to a person or account under the control of the criminal actor. An accounting firm s account is compromised and used to request a wire transfer from a client s bank, supposedly on behalf of the client. Source: Internet Crime Complaint Center (IC3), Alert Number I b-PSA IceonFire
23 What Does It Look Like? Real Estate A seller s or buyer s account is compromised through an EAC scam. The criminal actor intercepts transactions between the two parties and alters the instructions for the transfer of funds. A realtor s address is used to contact an escrow company to redirect commission proceeds to a bank account associated with the criminal actor. A realtor receives a link within an from an unknown person who is requesting information related to property. When the realtor clicks on the link, the criminal actor is able to access the realtor s account. The intrusion exposes client information, which the criminal actor then uses to the clients and attempt to change wire instructions for loan processing proceeds. Source: Internet Crime Complaint Center (IC3), Alert Number I b-PSA IceonFire
24 What Does It Look Like? Legal A criminal actor compromises an attorney s account, which results in the exposure of client bank account numbers, addresses, signatures, and confidential information related to pending legal transactions. The attorney s compromised account is used to send overlaid wire instructions to a client. A criminal actor compromises a client s account and uses it to request wire transfers from trust fund and escrow accounts managed by the firm. Source: Internet Crime Complaint Center (IC3), Alert Number I b-PSA IceonFire
25 What Does It Look Like? IceonFire
26 How to Prevent? Train Employees to: Not open messages or attachments from unknown individuals. Be cautious of clicking links within s from unknown individuals. Be aware of small changes in addresses that mimic legitimate addresses. Question any changes to wire transfer instructions by contacting the associated parties through a known avenue. Know your customers. IceonFire
27 How Else to Prevent? Train Employees to: Look for poor use of the English language in s such as incorrect grammar, capitalization, and tenses. Roll your cursor over the links received via and look for inconsistencies. If it is not the website the claims to be directing you to then the link is to a fraudulent site. Never provide credentials of any sort via . This includes after clicking on links sent via . Always go to an official website rather than from a link sent to you via . Source: Internet Crime Complaint Center (IC3), Alert No. I b-PSA IceonFire
28 Related Cyber Attacks IceonFire
29 Ransomware Source: Internet Crime Complaint Center (IC3)
30 Ransomware Ransomware is a type of malware that restricts access to a computer system that it infects in some way, and demands that the user pay a ransom to the operators of the malware to remove the restriction. The attackers demand payment of a ransom ranging from $100 to $300 to decrypt the files. Source: Wikipedia; Internet Crime Complaint Center (IC3), Alert Dated Oct. 28, 2013
31 Ransomware Source: McAfee Labs, Threats Report, August 2015
32 What Does It Look Like?
33 What Does It Look Like?
34 How to Prevent? Suggestions For Protection Do not open messages or attachments from unknown individuals. Be cautious of clicking links within s from unknown individuals. Implement technical safeguards.
35 What Do We Do? Mitigation and Risk Transfer Nick Reuhs Attorney at Ice Miller LLP
36 Mitigation and Risk Transfer
37 Mitigation
38 Mitigation
39 Mitigation
40 Risk Transfer
41 Insurance
42 Data Breach Insurance
43 Basic Cyber or Tech Insurance Third-Party Tech E&O Security First-Party Data Breach Data Restoration Crime Interruption Fraud & FTF Extortion
44 Basic Cyber or Tech Insurance Third-Party Tech E&O Security First-Party Data Breach Data Restoration Crime Interruption Fraud & FTF Extortion
45 Basic Cyber or Tech Insurance Third-Party Tech E&O Security First-Party Data Breach Data Restoration Crime Interruption Fraud & FTF Extortion
46 Basic Cyber or Tech Insurance Third-Party Tech E&O Security First-Party Data Breach Data Restoration Crime Interruption Fraud & FTF Extortion
47 Basic Cyber or Tech Insurance Third-Party Tech E&O Security First-Party Data Breach Data Restoration Crime Interruption Fraud & FTF Extortion
48 Basic Cyber or Tech Insurance Third-Party Tech E&O First-Party Security Crime Data Restoration Interruption Fraud & FTF Extortion
49 Basic Cyber or Tech Insurance Third-Party Tech E&O First-Party Security Crime Data Restoration Interruption Fraud & FTF Extortion
50 Basic Cyber or Tech Insurance Third-Party Tech E&O First-Party Security Crime Data Restoration Interruption Fraud & FTF Extortion
51 Basic Cyber or Tech Insurance Third-Party Tech E&O First-Party Security Crime Data Restoration Interruption Fraud & FTF Extortion
52 Basic Cyber or Tech Insurance Third-Party Tech E&O First-Party Security Crime Data Restoration Interruption Fraud & FTF Extortion
53 Basic Cyber or Tech Insurance Third-Party Tech E&O Security First-Party Data Breach Data Restoration Crime Interruption Fraud & FTF Extortion
54 Basic Cyber or Tech Insurance Third-Party Tech E&O First-Party THINK IN TERMS OF LOSS NOT CAUSE Data Security Breach Data Restoration Crime Interruption Fraud & FTF Extortion
55 Basic Cyber or Tech Insurance Third-Party Tech E&O Security First-Party Data Breach Data Restoration Crime Interruption Fraud & FTF Extortion
56 Basic Cyber or Tech Insurance Third-Party Tech E&O Security First-Party Data Breach Data Restoration Crime Interruption Fraud & FTF Extortion
57 Basic Cyber or Tech Insurance Third-Party Tech E&O Security First-Party Data Breach Data Restoration Crime Interruption Fraud & FTF Extortion
58 Basic Cyber or Tech Insurance Third-Party Tech E&O Security First-Party Data Breach Data Restoration Crime Interruption Fraud & FTF Extortion
59 Basic Cyber or Tech Insurance Third-Party Tech E&O Security First-Party Data Breach Data Restoration Crime Interruption Fraud & FTF Extortion Social Engineering
60 Mitigation and Risk Transfer EFFECTIVE RISK TRANSFER = MEANINGFULLY READ YOUR POLICY
61 Questions
62 Thank You Stephen Reynolds, CISSP, Nick Reuhs Nick Follow Us on
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