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Watch out for rising Business Email Compromise attacks from AI

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TLDR:

Business Email Compromise attacks are increasing due to the popularity of Generative AI tools. In 2023, BEC frauds made up 18.6% of cyber attacks, with a 1760% rise in social engineering based frauds. Phishing remains the top cyber security attack, with quishing emerging as a new threat in 2024.

Online frauds are increasing a lot and now BEC (Business Email Compromise) attacks are also increasing. It is because of the popularity and usage of Generative AI tools and only last year, a rise was seen in social engineering based BEC frauds by 1760%. Business Email Compromise attacks are said to be the most creative online frauds as the actors behind them impersonate popular brands and businesses and make victims give their money and data to earn a lot of profit. Perception Point, a security company, says that Generative AI has added fuel to BEC because it helps the actors write well crafted emails. Despite all of this, phishing is still the top cyber security attack with 70% of the attacks being about phishing. Another threat is also arising in 2024 that is quishing. According to a report by Perception Point, 6% of the QR that were sent via email turned out to be cyber attacks. In addition to these attacks, two step phishing attacks are also increasing where the actors hack the legitimate websites of different companies.

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