Dr. Chris Pierson, CEO at Black Cloak, discusses social engineering attacks like the misuse of Quick Assist by cybercriminals and a scam targeting university students with free pianos. The podcast delves into protecting high net worth individuals from scams and the evolving tactics used by scammers to target elite individuals, emphasizing the need for security awareness and vigilance.
Scammers target high net worth individuals and corporations with tailored tactics to elicit panic responses and secure large sums of money.
Nation states may be linked to scams against high net worth individuals, exploiting vulnerabilities in family offices and boutique financial firms to evade money laundering sanctions.
Scammers adapt quickly, using A-B testing to refine tactics, and target victims based on digital footprints, making high net worth individuals and executives lucrative targets.
Deep dives
Sophisticated Scams Targeting High Net Worth Individuals
Scammers are targeting high net worth individuals, corporate executives, and their significant others using advanced tactics to trick them into wiring large sums of money. Vulnerabilities in family offices, venture capital firms, and executives' personal lives are exploited. These sophisticated scams often involve familiar tactics tailored to higher-stakes targets and employ A-B testing to refine strategies.
Nation States and Cyber Criminals' Role in Scams
Scams targeting high net worth individuals and corporations are sometimes linked to nation states, utilizing intricate tactics to evade money laundering sanctions. The perpetrators target vulnerable areas, such as family offices and boutique financial firms, to exploit weaknesses and steal substantial amounts of money.
Evolution and Iteration of Scams
Scammers rapidly adapt and iterate their tactics based on success rates and targets. The A-B testing of scam techniques allows for quick adjustments to maximize financial gains. These scammers focus on eliciting a panic response from victims to override rational decision-making and secure large sums of money.
Diverse Scam Strategies
Scammers employ a variety of tactics, from real estate transaction fraud to tech support scams and manipulative financial schemes. They exploit family members, target venture capitalists based on previous investments, and analyze digital footprints to tailor scams to the individual, increasing the likelihood of success.
Vulnerabilities of High-Value Targets
High net worth individuals and corporate executives are susceptible to scams due to their complex personal and professional lives. Their reliance on third parties for financial management and oversight can create blind spots, making them lucrative targets for scammers who exploit vulnerabilities within their intricate financial and personal networks.
This week, we are joined by Dr. Chris Pierson CEO at Black Cloak, and he is talking about some of the social engineering attacks his team is tracking. Joe's story follows how Microsoft Threat Intelligence has observed the financially motivated cybercriminal group Storm-1811 misusing the client management tool Quick Assist in social engineering attacks. Dave share's the story of the lure of a free baby grand piano to deceive over 125,000 email recipients, mainly targeting North American university students and faculty, earning at least $900,000. Our catch of the day comes from listener Chuck who writes in to share some of his junk mail he has been receiving recently, and shares concerns for other listeners.
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