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A whale of a scam

Frama is warning businesses of a new scam – and offering a solution.

Highly trained cyber-criminals are targeting businesses and helping themselves to millions of pounds via a new scam known as ‘whaling’, so called because fraudsters focus on one large target, rather the many smaller targets associated with ‘phishing’.

Whaling scams take the form of messages to finance staff encouraging them to expedite a payment to a supplier that the Managing Director or Chief Executive can’t complete as they are away from the office.

It is estimated that since 2013, ‘whaling’ has cost medium and large UK businesses a total of more than £520m. As with any scam of this type, the goal of whaling is to trick someone into disclosing personal or corporate information through email correspondence.

Frama Cyber crime
Frama Cyber crime

The attacker does this by intercepting emails between companies and reading their contents. Over weeks or months, the attacker learns how to impersonate the style and language of the emails before sending a bogus request for money to be transferred to a new bank account.

These attacks are often successful because the attacker successfully mimics the style of the sender/receiver and because the email messages they use to infiltrate the target display the usual ‘to’ and ‘from’ details, rather than the actual email address of the attacker.

One way to counter this problem, says Frama, is to use the secure Frama RMail platform for sending and receiving encrypted, business-critical communications.

Once installed and added to an existing email client, RMail gives you the option to send any email message with 256-bit encryption; legally verifiable proof of delivery and opening; and a full audit trail of who said what to whom and when.  The solution can also be used to send files up to 1GB in size and to e-sign documents and forms.

Business Info Magazine & Site is Published by Kingswood Media 2022