Businesses beware: Social engineering fraud could cost you millions

As if businesses didn’t have enough to worry about with hackers trying to constantly access their information, a new, sophisticated threat is looming and most companies won’t even know they’ve been hit until it is too late.

Social engineering fraud frequently targets companies that have international branches or deal with suppliers in other countries. The perpetrators gain access to the company’s e-mails through a Trojan or some other type of virus that allows them to see everything coming in and going out. They monitor the e-mails for months, taking no action–just watching. They are particularly interested in correspondence between international offices and suppliers because everything is handled primarily via email rather than phone calls or Skype. This makes it easier for the thieves to perpetrate the fraud.