Scammers Target Wall Street in new Capital Call Fraud Schemes, Reveals Investigation by Email Security Firm Agari — Scam Guards

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“Cyber criminals have once again shifted their tactics, increasing their use of payroll diversion, targeting remote workers, and impersonating financial firms with new capital call scams looking for bigger payouts,” said Agari CMO Seth Knox. “While businesses have increased their use of cyber security defense, more needs to be done to prevent BEC scams, prevent email identity deception, and automate the response to phishing incidents and security breaches.”

Email security is returning to the middle of the bullseye for CISOs because of ongoing trends, like remote and distributed workforces that were spurred by the COVID-19 pandemic. Plus, financially-motivated scammers continue to innovate by finding new ways to take advantage of any vulnerability in the money system.

Capital Call Email Scams Emerge
In emails to targets, business email compromise (BEC) actors masquerade as an investment or insurance firm requesting…

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