SOURCE: ZapFraud

ZapFraud

February 29, 2016 10:31 ET

ZapFraud Automates Against Fraud and Business Email Compromise to Protect Networks and Users

Business Email Compromise Attacks Increase 270% between January and September 2015

PALO ALTO, CA--(Marketwired - February 29, 2016) - ZapFraud, Inc., a provider of innovative security solutions for business and enterprise, announces the ZapFraud Fraud Firewall(TM) to automate against Business Email Compromise (BEC), also called "CEO Fraud". This escalating problem is targeting businesses and their employees. The ZapFraud Fraud Firewall is designed to catch fraudsters in their tracks, by detecting deception and separating the criminals from their targets. ZapFraud's patent pending technology recognizes fraud using known BEC scam-related story lines and deceptive-looking senders.

"CEO Fraud is an increasingly serious and expensive problem and can cost an organization millions of dollars from just a single incident," said Michael Osterman, Principal Analyst at Osterman Research. "ZapFraud's ability to detect deceptive content and prevent its delivery to end users is an important step forward in preventing this particularly malicious type of attack."

ZapFraud identifies fraud attempts and marks the message with a warning before it is delivered. By examining and filtering unique attempts to defraud a business and its employees, ZapFraud continuously gains new fraud intelligence with each scam attempt. ZapFraud BEC protection identifies current circulating threats and provides a scope of the volume and variety of fraud, as well as insight to the risks a particular business and its employees face. ZapFraud will offer initial and periodic email fraud assessments so business can see existing risk, assess damage already done, and witness the effects of ZapFraud remediation and reporting. ZapFraud's assessment tools immediately expose if email hygiene best practices are in effect for employees, vendors and suppliers.

Scammers -- In the Money Now

Though IRS and romance scammers have been targeting consumers for years, these seemingly recognizable fraud attempts, though plentiful, have less fiscal impact than the much more sinister form of cyber-hacking, Business Email Compromise (BEC). The FBI reports that from October 2013 to August 2015, more than eight thousand businesses fell victim to a BEC fraud attack with actual and attempted losses exceeding a billion dollars. Since the beginning of 2015, BEC fraud attacks have risen at an unprecedented rate of 270 percent.

ZapFraud founder, Chief Technology Officer and phishing expert, Dr. Markus Jakobsson explains, "The days of fraud emails having horrible grammar, awkward logos and being easily detected are gone. Today's scammers have stepped up their game by doing their homework about the company they're targeting. They send emails that appear to come from colleagues or suppliers -- and their emails establish trust and give credible reasons why the recipient should transfer funds and deliver assets to the criminals."

Don't Hesitate, Automate against Fraud

At RSA 2016 in San Francisco, Dr. Jakobsson will deliver, "Trends in Social Engineering: How to Detect and Quantify Persuasion," on Wednesday, March 2, 2016 at 8 :00 a.m., Moscone West, Room 3008. Dr. Jakobsson will reveal how existing information and tools enable a new art of persuasion. He will illustrate persuasion used in 419 scams and Business Email Compromise (BEC) scams, and discuss how an improved understanding of persuasion helps to automate against fraud, and assess risk for organizations.

Data from breaches, social media, and published databases provide all the information a fraudster needs to make almost anyone fall for a scam. Social engineering is the technique of convincing the victim to collaborate, using arguments and data tailored to the victim and his or her situation. A typical social engineering attack commonly starts with the fraudster acquiring some data about the intended victim, whether from a data breach, social media, or a previous interaction.

Rather than relying on an employee to assess and act against cleverly conceived and executed deception, like getting an email from an address that looks like a trusted contact, ZapFraud determines what is deceptive -- both content and headers -- and automates against it. By separating criminals from their targets, ZapFraud removes temptation and vulnerability and discourages fraudsters. With granular data about fraudsters' behaviors and methods, the Fraud Firewall both blocks and reports fraud, and identifies fraudsters' popular approaches. From continuously renewed insights derived from each business' data, the Fraud Firewall can assess scenarios fraudsters set up through social engineering and how these could potentially play out or morph into new types of scams. Consistent detection, blocking, and reporting are critical to curtailing fraud crime.

ZapFraud is offering the Fraud Firewall and BEC risk assessment and protection immediately. Any organization can be running a ZapFraud Fraud Firewall and blocking fraud on their network in about an hour. To get started, businesses should contact ZapFraud at info@zapfraud.com.

About ZapFraud

ZapFraud is a leading provider of innovative security solutions for business and enterprise. The patent pending ZapFraud Fraud Firewall™ automates against Business Email Compromise (BEC) and targeted fraud from many channels. ZapFraud's patent-pending scam protection service helps provide peace of mind for all who face the increasing and ever-changing threat of email, social media and online criminals who attempt to steal intellectual property, identity, online credentials and, corporate assets and funds. Visit www.zapfraud.com for more information.

Contact Information

  • Media Contact:
    Suzanne Matick 
    for ZapFraud
    Email: Suzanne@matick.net
    Phone: 831-479-1888