Active Business Phishing Campaign Targeting Fortune 500 Companies to Steal Financial Assets

Hackers involved in Business Phishing Campaign using well crafted social engineering methods to harvest login credentials and to steal money.

The attack most likely to be originated from Nigerian origin and they are engaged in credential harvesting, phishing and social engineering campaign designed to steal financial assets.

IBM X-Force Incident Response team detected the campaign, the attacker group sent business email compromise (BEC) scams to Fortune 500 companies to initiate fraudulent wire transfers.

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The BEC attack is completely based on Phishing and social engineering, the cybercriminals don’t require any specific tools or malware.

Cybercriminals use some tactics to make the emails looks legitimate. The Emails sent directly from trusted contacts or spoofed to appear from trusted contacts.Mimicked previous conversation, inserted themselves into the conversation.

Researchers said “the size of the group is still unknown and the threat actors used phishing toolkits to create login pages for more than 100 compromised websites, which indicates the phishing campaign is widespread and the compromised websites vary in geographic location, IP address resolution and the Industry including retail, healthcare, financial and professional services”.

Also, the cybercriminals set up domains that similar to company’s domain name with small changes to make it believes it is a legitimate source. As like any other phishing attacks they have done some grammatical and colloquial mistakes.

Separately, once attackers used stolen credentials to send mass phishing emails, they at the same time came upon AN email rule to filter all responses to the phish, undelivered messages, or messages containing words like “hacked” or “email” to the user’s RSS feeds folder and marked them as the scam.

How to stay safe – Business Phishing Campaign

1. Have a unique Email address.
2. Do not open any attachments without proper validation.
3. Don’t open emails voluntary emails.
4. Use Spam filters & Antispam gateways.
5. Never respond to any spam emails.
6. verify the vendor.
7. Implement Two-factor Authentication