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business email compromise | Breaking Cybersecurity News | The Hacker News

WormGPT: New AI Tool Allows Cybercriminals to Launch Sophisticated Cyber Attacks

WormGPT: New AI Tool Allows Cybercriminals to Launch Sophisticated Cyber Attacks

Jul 15, 2023 Artificial Intelligence / Cyber Crime
With generative artificial intelligence (AI) becoming all the rage these days, it's perhaps not surprising that the technology has been repurposed by malicious actors to their own advantage, enabling avenues for accelerated cybercrime. According to findings from SlashNext, a new generative AI cybercrime tool called  WormGPT  has been advertised on underground forums as a way for adversaries to launch sophisticated phishing and business email compromise ( BEC ) attacks. "This tool presents itself as a blackhat alternative to GPT models, designed specifically for malicious activities," security researcher Daniel Kelley  said . "Cybercriminals can use such technology to automate the creation of highly convincing fake emails, personalized to the recipient, thus increasing the chances of success for the attack." The author of the software has described it as the "biggest enemy of the well-known ChatGPT" that "lets you do all sorts of illegal stuff.
Adversary-in-the-Middle Attack Campaign Hits Dozens of Global Organizations

Adversary-in-the-Middle Attack Campaign Hits Dozens of Global Organizations

Jun 13, 2023 Phishing Attacks / BEC
"Dozens" of organizations across the world have been targeted as part of a broad business email compromise ( BEC ) campaign that involved the use of adversary-in-the-middle ( AitM ) techniques to carry out the attacks. "Following a successful phishing attempt, the threat actor gained initial access to one of the victim employee's account and executed an 'adversary-in-the-middle' attack to bypass Office 365 authentication and gain persistence access to that account," Sygnia researchers  said  in a report shared with The Hacker News. "Once gaining persistence, the threat actor exfiltrated data from the compromised account and used his access to spread the phishing attacks against other victim's employees along with several external targeted organizations." The findings come less than a week after Microsoft  detailed  a similar combination of an AitM phishing and a BEC attack aimed at banking and financial services organizations. Sygnia t
How Nation-State Actors Target Your Business: New Research Exposes Major SaaS Vulnerabilities

How Nation-State Actors Target Your Business: New Research Exposes Major SaaS Vulnerabilities

Feb 15, 2024SaaS Security / Risk Management
With many of the highly publicized 2023 cyber attacks revolving around one or more SaaS applications, SaaS has become a cause for genuine concern in many boardroom discussions. More so than ever, considering that GenAI applications are, in fact, SaaS applications. Wing Security (Wing), a SaaS security company, conducted an analysis of 493 SaaS-using companies in Q4 of 2023.  Their study reveals  how companies use SaaS today, and the wide variety of threats that result from that usage. This unique analysis provides rare and important insights into the breadth and depth of SaaS-related risks, but also provides practical tips to mitigate them and ensure SaaS can be widely used without compromising security posture.  The TL;DR Version Of SaaS Security 2023 brought some now infamous examples of malicious players leveraging or directly targeting SaaS, including the North Korean group UNC4899, 0ktapus ransomware group, and Russian Midnight Blizzard APT, which targeted well-known organizat
Microsoft Uncovers Banking AitM Phishing and BEC Attacks Targeting Financial Giants

Microsoft Uncovers Banking AitM Phishing and BEC Attacks Targeting Financial Giants

Jun 09, 2023 Cyber Threat / Financial Security
Banking and financial services organizations are the targets of a new multi-stage adversary-in-the-middle ( AitM ) phishing and business email compromise (BEC) attack, Microsoft has revealed. "The attack originated from a compromised trusted vendor and transitioned into a series of AiTM attacks and follow-on BEC activity spanning multiple organizations," the tech giant  disclosed  in a Thursday report. Microsoft, which is tracking the cluster under its emerging moniker  Storm-1167 , called out the group's use of indirect proxy to pull off the attack. This enabled the attackers to flexibly tailor the phishing pages to their targets and carry out session cookie theft, underscoring the continued sophistication of AitM attacks. The modus operandi is unlike other AitM campaigns where the decoy pages act as a  reverse proxy  to harvest credentials and time-based one-time passwords (TOTPs) entered by the victims. "The attacker presented targets with a website that mi
cyber security

The Critical State of AI in the Cloud

websiteWiz.ioArtificial Intelligence / Cloud Security
Wiz Research reveals the explosive growth of AI adoption and what 150,000+ cloud accounts revealed about the AI surge.
BEC Scammer Gets 25-Year Jail Sentence for Stealing Over $9.5 Million

BEC Scammer Gets 25-Year Jail Sentence for Stealing Over $9.5 Million

Oct 04, 2022
A 46-year-old man in the U.S. has been sentenced to 25 years in prison after being found guilty of laundering over $9.5 million accrued by carrying out cyber-enabled financial fraud. Elvis Eghosa Ogiekpolor of Norcross, Georgia, operated a money laundering network that opened at least 50 business bank accounts for illicitly receiving funds from unsuspecting individuals and businesses after falling victim to romance frauds and business email compromise ( BEC ) scams. Ogiekpolor was charged by a federal grand jury in February 2022 with one count of conspiracy to commit money laundering and 15 counts of substantive money laundering. The scheme was operational from October 2018 to August 2020. According to the U.S. Justice Department (DoJ), Ogiekpolor enlisted the help of eight "money mules" to open the phony bank accounts under the names of non-existent companies, which were subsequently used to stash the proceeds from their criminal activities. These included creating fic
Microsoft Warns of Large-Scale AiTM Phishing Attacks Against Over 10,000 Organizations

Microsoft Warns of Large-Scale AiTM Phishing Attacks Against Over 10,000 Organizations

Jul 13, 2022
Microsoft on Tuesday disclosed that a large-scale phishing campaign targeted over 10,000 organizations since September 2021 by hijacking Office 365's authentication process even on accounts secured with multi-factor authentication (MFA). "The attackers then used the stolen credentials and session cookies to access affected users' mailboxes and perform follow-on business email compromise (BEC) campaigns against other targets," the company's cybersecurity teams  reported . The intrusions entailed setting up adversary-in-the-middle (AitM) phishing sites, wherein the attacker deploys a proxy server between a potential victim and the targeted website so that recipients of a phishing email are redirected to lookalike landing pages designed to capture credentials and MFA information. "The phishing page has two different Transport Layer Security (TLS) sessions — one with the target and another with the actual website the target wants to access," the company
Interpol Busted 11 Members of Nigerian BEC Cybercrime Gang

Interpol Busted 11 Members of Nigerian BEC Cybercrime Gang

Jan 20, 2022
A coordinated law enforcement operation has resulted in the arrest of 11 members allegedly belonging to a Nigerian cybercrime gang notorious for perpetrating business email compromise (BEC) attacks targeting more than 50,000 victims in recent years. The disruption of the BEC network is the result of a ten-day investigation dubbed  Operation Falcon II  undertaken by the Interpol along with participation from the Nigeria Police Force's Cybercrime Police Unit in December 2021. Cybersecurity firms  Group-IB  and Palo Alto Networks'  Unit 42 , both of which shared information on the threat actors and their infrastructure, said six of the 11 suspects are believed to be a part of a prolific group of Nigerian cyber actors known as SilverTerrier (aka TMT). BEC attacks, which began to gain dominance in 2013, are  sophisticated scams  that target legitimate business email accounts through social engineering schemes to infiltrate corporate networks and subsequently leverage their acce
Best Practices to Thwart Business Email Compromise (BEC) Attacks

Best Practices to Thwart Business Email Compromise (BEC) Attacks

Jul 29, 2021
Business email compromise (BEC) refers to all types of email attacks that do not have payloads. Although there are numerous types, there are essentially two main mechanisms through which attackers penetrate organizations utilizing BEC techniques, spoofing and account take-over attacks. In a recent  study , 71% of organizations acknowledged they had seen a business email compromise (BEC) attack during the past year. Forty-three percent of organizations experienced a security incident in the last 12 months, with 35% stating that BEC/phishing attacks account for more than 50% of the incidents. The  FBI's Internet Crime Complaint Center  (IC3) reports that BEC scams were the most expensive of cyberattacks in 2020, with 19,369 complaints and adjusted losses of approximately $1.8 billion. Recent BEC attacks include spoofing attacks on Shark Tank Host Barbara Corcoran, who lost  $380,000 ; the Puerto Rican government attacks that amounted to $4 million, and Japanese media giant, Nikkei
Hackers Trick 3 British Private Equity Firms Into Sending Them $1.3 Million

Hackers Trick 3 British Private Equity Firms Into Sending Them $1.3 Million

Apr 23, 2020
In a recent highly targeted BEC attack, hackers managed to trick three British private equity firms into wire-transferring a total of $1.3 million to the bank accounts fraudsters have access to — while the victimized executives thought they closed an investment deal with some startups. According to the cybersecurity firm Check Point, who shared its latest investigation with The Hacker News, nearly $700,000 of the total wire transferred amount has permanently lost to the attackers, with the rest of the amount recovered after researchers alerted the targeted firms in time. Dubbed ' The Florentine Banker ,' the sophisticated cybercrime gang behind this attack, "seems to have honed their techniques over multiple attacks, from at least several years of activity and has proven to be a resourceful adversary, quickly adapting new situations," the researchers said. 'The techniques they use, especially the lookalike domains technique, present a severe threat — not
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