protecting your valuable assets: the wild world of ......2020/03/02 · ‘tis the season –top...

Protecting Your Valuable Assets:The Wild World of Payments & Cyber Fraud 2020

Mary Harrington, Treasury & Payment Solutions

March 13, 2020

The Big Picture

Cybercrime is big business - estimated $6 trillion per year worldwide by 2021

Two thirds of Ransomware attacks in 2019 targeted state & local government

Only 21% of small and medium-sized businesses rate their ability to mitigate cyber risks, vulnerabilities and attacks as highly effective.

Risks are from both outside and inside of your companies

69% of breaches were perpetrated by outsiders

34% involved internal parties

2% involved partners

Criminals are leveraging automation & low cost to entry

Targeting weak areas…the Human Element

Criminals go where the money is. $$$$

(Verizon, 2019 Data Breach Investigations Report)(Strategic Treasurer, Treasury & Fraud Controls Survey Report 2020)

(Aug 28, 2019 | STATESCOOP Benjamin Freed)

(Cybersecurity Ventures)

(2018 IT Budget Priorities Report)

The Current Landscape – Payments Fraud

82% of organizations were victims of attempted or actual fraud in 2018

80% of organizations experienced Business Email Compromise (BEC)

54% of organizations reported financial losses as a result of BEC

70% of BEC scams targeted checks

43% of BEC scams targeted wires

70% of organizations experienced check fraud

3/13/2020Synovus Treasury & Payment Solutions 3

Source: AFP – Association For Financial Professionals: 2019 AFP Payments Fraud

The Methods

Business Email Compromise (BEC) Scams

Business Executive Fraud

Bogus Supplier Invoices

Attorney, Realtor & Title Company Hacks

Data Theft (W-2s, Payroll)

Check Fraud

Check Theft

Check Alteration

Check Reproduction

Forged Signature/Payee Endorsement


The Controls

Foster culture that empowers employees

Employee training & education

Maintain strict policies & procedures

*Follow your policies & procedures*

Conduct cyber risk audits

Prohibit payment initiation from emails

Leverage bank fraud prevention tools

Understand vendor fraud mitigation strategies


The Tools

Check Fraud Prevention

Daily Reconciliation

Check Positive Pay

Payee Name Positive Pay

Check Blocks

ACH Fraud Prevention

Daily Reconciliation

ACH Debit Block

ACH Positive Pay


Source: AFP – Association For Financial Professionals: 2019 AFP Payments Fraud

Important…

Businesses have 24 hours from the settlement of

an ACH debit to reject the transaction as

unauthorized.


Ransomware


Growing impact and evolving forms. Ensure that you have

mitigation and business continuity strategies.

Ransomware by the Numbers


Source: “20 Ransomware Statistics You’re Powerless to Resist Reading” - Casey Crane 2/27/20 Hashed Out by The SSL Store

Ransomware Costs Forecast to Reach $20 Billion by 2021

Cost of Ransomware Attacks Surpasses $7.5 Billion in 2019

The Average Ransom Payment Amount Increased by 104% in Q4 2019

Downtime Costs Are Up 200% Year-Over-Year

Ransomware Attacks Forecast to Occur Every 11 Seconds

Business Disruption Is the Main Objective in 36% of Cyberattacks

226 U.S. City Mayors Make a Pact to Deny Ransom Payments to Cybercriminals

FBI Guidelines


Source: IC3.gov Ransomware Brochure

Ransomware at Home


Top Social Media Email Topics


Source: KnowBe4 2019 Infographic

Top Social Media Email Topics

Common 'In the Wild' Attacks:

eBay: [Important] Your account.

Google: Your photo has been successfully published

Outlook/Microsoft: You're invited to share this calendar

Amazon: Account Refund Verification Status

Unusual sign-in activity

Check Sent

LinkedIn: LinkedIn Password Reset

Warning: Unauthorized Software Detection

Microsoft: You've been assigned a task!


Source: KnowBe4 2019 Infographic

These types of attacks are effective because they cause a person to react before thinking logically about the legitimacy of the email.

‘Tis the Season – Top Brands for Cybercriminals


Source: Threatpost Tara Seals 3/5/20

Researchers found a strong correlation between the visibility of political candidates and the amount of spam and potentially malicious content that use their “brands” in the subject lines.

Hot Topic – Coronavirus Scams


Source: Infosec 3/20/20 Trustwave Image

Hot Topic – Coronavirus Scams


Source: Infosec 3/20/20 Image from Sophos

Secret Service Bulletin 3/9/20


Exploiting our Fears


Source: Krebs on Security 3/12/20 Live Coronavirus Map Used to Spread Malware

One last story…


Available Resources

▪ FBI Internet Crime Complaint Center (IC3)

https://www.ic3.gov/default.aspx

▪ U.S. Small Business Administration (SBA)

https://www.sba.gov/managing-business/cybersecurity

▪ Federal Communications Commission (FCC)

https://transition.fcc.gov/cyber/cyberplanner.pdf

▪ U.S. Department of Homeland Security –U.S. Computer Emergency Readiness Team

https://www.us-cert.gov/ccubedvp/smb

▪ Synovus Safety and Security -

https://www.synovus.com/contact-us/safety-and-security/

▪ Synovus Personal Resource Center -

https://www.synovus.com/personal/resource-center/#security


[email protected]


Thank you!!!

mailto:[email protected]

protecting your valuable assets: the wild world of ......2020/03/02 · ‘tis the season –top...

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