• Wed. Oct 18th, 2023

How Israeli Hackers Steal Millions of Dollars From Senior Executives of Multinational Corporations

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Jul 10, 2023
Israeli Hackers Steal Millions from Executives

The attacks mostly target major and worldwide corporations with yearly revenues above $10 billion. The company Abnormal Security identified the effort, based on its researchers. According to specialists, the gang has undertaken approximately 350 activities since February 2021, assaulting personnel from 61 nations across six continents.

Details About Cyber Attacks

Thieves pose as the CEO of the firm in which the victim works. They then forward the email to a third party, generally an M&A attorney, who is in charge of overseeing the payment process.

When the breach reaches the second step, the hackers may request that the communication be moved from email to WhatsApp phone call. This is how scammers strive to speed up the assault while minimizing the possibility of leaving evidence. 

In addition to two personas—the CEO and an outside attorney—the hackers used legitimate domains to impersonate email addresses. Although the target business had a DMARC policy in place to prevent email spoofing, the grouping changed the sender display name to make it appear as though the emails were sent by the CEO. 

The group also interprets emails into the primary language of the target company.

Historically, West Africa, and particularly Nigeria, has been the heart of business email frauds. 74% of all assaults evaluated by Abnormal Security since the beginning of 2022 originated in Nigeria. 

The UK is the second most prevalent nation connected with BEC assaults, accounting for 5.8% of perpetrators, followed by South Africa (5.7%) and the United States (3.6%). At the same time, Asian and Middle Eastern nations, including Israel, are near the bottom of the list, with 1.2% and 0.5% of BEC hackers, respectively. 

According to Abnormal Security, specialists are unable to state definitively that the danger is the work of Israeli hackers; they are only certain that the attackers are based in Israel.

The FBI previously issued its annual Internet Crime Report, which shows that damages from Internet fraud will reach a five-year high of more than $10 billion in 2022. 

This is a $3 billion increase over 2021. Based on the survey, one of the most successful ways for hackers to earn is through BEC (Business Email Compromise) attacks. The cost of such assaults in 2022 was $2.4 billion.