Title: Orion's $60 Million Loss: How Email Scams Are Hurting Companies Financially
Texas-based carbon black company Orion recently disclosed to investors a staggering $60 million loss due to a criminal scheme involving fraudulent outbound wire transfers. These schemes typically target employees, especially those in finance or with executive access, tricking them into transferring company funds to fraudulent accounts controlled by criminals. This can involve hacking executive email accounts to send fake instructions or even using deepfake technology to deceive employees.
The FBI has warned that these scams have become a multibillion-dollar issue, impacting companies of all sizes. However, there are simple and effective ways to protect against email scams.
In conclusion, email scams are a serious threat to companies' financial security, as demonstrated by Orion's significant loss. It is crucial for businesses to implement robust cybersecurity measures to safeguard against these fraudulent schemes and protect their assets from falling into the wrong hands.