• Articles
    • Editorial Articles
    • Research Articles
    • WatchGuard Articles
  • The 443 Podcast
  • Threat Landscape
  • About
    • About Us
    • Contact Us
    • Contribute to Secplicity

Secplicity - Security Simplified

Powered by WatchGuard Technologies

That Nigerian Prince Who Needs Your Help? His Name is Mike…

August 2, 2016 By The Editor

_90579265_gettyimages-52226791

Today is a momentous day for anyone and everyone who’s received scam emails from a Nigerian prince asking for money. According to Interpol, the man behind a global network of email fraudsters was arrested in Port Harcourt, Nigeria. His name is “Mike.”

Mike’s band of 40 cybercriminals is said to have been worth upwards of $60 million, with personnel throughout Nigeria, Malaysia South Africa, China, Europe and the United States. The group specialized in two hacks:

1.) Payment Diversion Fraud: a practice involving the use of malware to steal email credentials and using those accounts to send fake messages with the goal of siphoning money from unsuspecting individuals and legitimate business transactions.

2.) CEO Email Fraud: an attack in which the perpetrator assumes the identity of someone in a position of authority and sends a seemingly legitimate email request for privileged information or the transfer of assets outside the company.

While “Prince” Mike may be headed for a different kind of palace (one with bars), it’s important to recognize that email fraud is still alive and well, and something to remain vigilant about.

For more information on how to prevent and identify CEO fraud, check out what WatchGuard CFO Richard Barber recommends in Modern Spear Phishing is a Security Wake-Up Call on CFO.com.

Read Inside a Phishing Attack on CSOonline.com to see what happened when WatchGuard Information Security Threat Analyst Marc Laliberte played the victim to investigate a spear phisher attempting to commit email fraud.

 

Photo credit: Getty Images

Share This:

Related

Filed Under: Editorial Articles, Featured Tagged With: cyber security, Hacking, Infosec news, Malware, passwords, Phishing, Security breach

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

The 443 Podcast

A weekly podcast featuring the leading white-hat hackers and security researchers. Listen Now
the 443 podcast

Threat Landscape

Filter and view Firebox Feed data by type of attack, region, country, and date range. View Now
threat landscape

Top Posts

  • Cybersecurity News: Free Cybersecurity Training, TrickBot Group Exposed, Major GoDaddy Breach, and Russia to Legalize cybercrime?!
  • US National Cybersecurity Strategy
  • Here Come The Regulations
  • An Update on Section 230

Email Newsletter

Sign up to get the latest security news and threat analysis delivered straight to your inbox

By signing up you agree to our Privacy Policy.


The views and opinions expressed on this website are those of the authors and do not necessarily reflect the policy or position of WatchGuard Technologies.

Stay in Touch

Recent Posts

  • 3CX Supply Chain Attack
  • The NSA’s Guidance on Securing Authentication
  • Cybersecurity News: LastPass Incident Revealed, White House Issues Cybersecurity Strategy, FBI Purchases Leaked USHOR PII Data, and a Slew of Other Breaches
  • An Update on Section 230
  • Here Come The Regulations
View All

Search

Archives

Copyright © 2023 WatchGuard Technologies · Cookie Policy · Privacy Policy · Terms of Use