It's indeed concerning to hear that scammers are taking advantage of the chaos created by the recent collapse of Silicon Valley Bank and Signature Bank. The experts warn that scammers are using a range of scams exploiting the crisis, which has acutely affected tech companies. The recent collapse of Silicon Valley Bank creates a “tremendous opportunity” for attackers to launch fraudulent business email compromise (BEC) and vendor email compromise attacks.
CyberSecOp experts noted that scammers are impersonating vendors, sending malicious emails related to a cryptocurrency company affected by SVB’s collapse, and creating spoofed websites involving SVB. Additionally, the panic caused by SVB’s collapse makes it ripe for a BEC scam opportunity. Attackers are taking advantage of the situation and trying to redirect wire instructions to criminal-controlled bank accounts, which is difficult to recover.
Companies should avoid making account changes over email and validate any changes with known contacts if possible. Additionally, it's recommended to do test deposits of nominal value so receipts can be confirmed. BEC accounted for over half of all incidents for their customers last year, as per the FBI report.
Aftermath of the collapse of Silicon Valley Bank and Signature Bank
In the aftermath of the collapse of Silicon Valley Bank and Signature Bank, it is important to take steps to keep your money safe. Here are some tips to consider:
Be wary of emails and phone calls: Cybercriminals often take advantage of financial crises to trick people into revealing their personal and financial information. Be cautious of unsolicited phone calls or emails that ask for personal or financial information or contain links or attachments.
Verify any changes to banking details: Be extra diligent when you receive updates about new banking relationships and wire instructions. Confirm the updated details of your vendors are correct before transferring any funds. Do not make account changes over email and avoid sharing sensitive information over the phone.
Monitor your accounts: Keep a close eye on your bank accounts and credit card statements to ensure that there are no unauthorized transactions. Report any suspicious activity to your bank immediately.
Strengthen your passwords: Make sure you have strong, unique passwords for all your accounts, and enable two-factor authentication whenever possible. Avoid using the same password across multiple accounts.
Back up your data: Make regular backups of important data and store them in a secure location. This will help protect you in case of a data breach or ransomware attack.
Keep your software up to date: Make sure you have the latest updates and security patches for all your software, including your operating system, antivirus, and web browser.
Educate yourself: Stay informed about the latest security threats and best practices for staying safe online. Consider taking a cybersecurity course or attending a workshop to learn more.
Conclusion
In the aftermath of the collapse of Silicon Valley Bank and Signature Bank, CyberSecOp cybersecurity experts have warned of the increased risk of scams and urged people to take steps to protect their money. Scammers have already taken advantage of the situation by launching fraudulent business email compromise and vendor email compromise attacks, as well as creating spoofed websites and sending malicious emails. To stay safe, experts recommend avoiding making account changes over email, validating any changes with known contacts, doing test deposits of nominal value, and being extra diligent when receiving updates about new banking relationships and wire instructions. It's important to stay vigilant and take steps to protect personal and financial information from cybercriminals.
