FOSTER CITY, Calif.– October 9, 2018 – Agari, the only cloud-native solution that uses predictive AI to stop advanced email attacks, today announced that it has been recognized as a participant in The BEC List, recipient of the 2018 M3AAWG JD Falk Award. The BEC List is a collaboration between private industry and the public sector dedicated to disrupting business email compromise (BEC) scams.
“Business email compromise has become a pervasive threat for global commerce. Multinational organized gangs prey on legitimate businesses using nothing more than a spoofed email and a bit of social engineering,” said John Wilson, Field CTO, Agari. “I have seen firsthand the financial loss and emotional devastation that these attacks can cause, so I am dedicated to the cause of disrupting, identifying, and unmasking the criminal organizations responsible for this ongoing crime spree.”
Business email compromise leverages a variety of identity deception techniques, including email address spoofing, look-alike domains, display name deception, and account takeovers (ATO) to trick organizations into making fraudulent payments. Typically, an attacker will impersonate the CEO of a company and request immediate payment to a vendor from its accounting team, but other forms of this attack include real-estate fraud, payment diversion, and W-2 scams. According to the FBI Internet Crime Complaint Center, Business Email Compromise (BEC) is responsible for more than $12 B in exposed losses in 150 countries and in all 50 states.
The BEC List is a private email group of more than 530 members, including cybersecurity professionals, threat researchers, internet infrastructure service providers, and multiple law enforcement organizations, including the U.S. Federal Bureau of Investigation, the U.S. Internal Revenue Service Online Fraud Detection and Prevention group, and the U.S. Secret Service, as well as other institutions that have chosen to remain anonymous. Collaboratively, The BEC List has identified thousands of criminal email accounts and fraudulent bank accounts, resulting in more than 100 arrests.
Agari itself has identified more than 200 fraudulent bank accounts, and has analyzed more than 100,000 messages contained in nearly 100 captured criminal mailboxes. This unprecedented analysis was published in Agari’s research report, “Behind the From Lines: Email Fraud on a Global Scale.”
The Messaging, Malware and Mobile Anti-Abuse Working Group (M3AAWG) presented the JD Falk Award at its 44th General Meeting in Brooklyn. The M3AAWG JD Falk Award recognizes innovative projects that protect users online while embodying the spirit of volunteerism and community building. M3AAWG members represent more than one billion mailboxes from some of the largest service providers in the world, leveraging the depth and experience of its global membership to tackle abuse on existing networks and new emerging services through technology, collaboration, and public policy.
“Agari is honored to be recognized as part of The BEC List, recipient of the 2018 M3AAWG JD Falk Award for its contributions to counteracting the truly evil nature of business email compromise,” said Armen Najarian, CMO, Agari. “The BEC List is proof that it takes a network to fight a network, as we continue to collaborate with both private industry and law enforcement agencies around the world.”
Download the Agari report, “Behind the From Lines: Email Fraud on a Global Scale”
Agari is the leading predictive AI solution to protect the cloud inbox from advanced email and phishing attacks. Winner of Best Email Security Solution by SC Magazine in 2018, the Agari Email Trust Platform™ prevents ransomware, ATO, phishing, BEC and other identity deception attacks, restoring trust to digital channels for businesses, governments, and consumers worldwide. Learn more at www.agari.com.
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