Watch out for ‘Whaling’ Scams

CEOs, MDs and board level executives are apparently being targeted by an online security scam that takes advantage of the busy senior business people.

Termed ‘whaling’, the technique targets aims to trick high-net-worth individuals into authorising online payments.  According to internet hosting firm UKFast, one MD approved a £30m payment in a single incident. The attacks use methods such as pre-texting and baiting, creating fabricated scenarios and offering free products. The FBI reportedly lost 20,000 records from someone calling the helpdesk and pretending to be a new employee. There are 8,000 phishing attacks every month says UKFast, which believes it is only a matter of time before a large business is brought down by an attack.

One scam reportedly saw £30million approved, with the FBI reporting 20,000 lost records from someone calling the helpdesk.