Business Email Compromise Attacks are Increasing and It Is All Because of Generative AI

Online frauds are increasing a lot and now BEC (Business Email Compromise) attacks are also increasing. It is because of the popularity and usage of Generative AI tools and only last year, a rise was seen in social engineering based BEC frauds by 1760%. Even though the percentage is a lot, it makes up just 1% of total cyber attacks reported in 2022. But in 2023, BEC frauds make up 18.6% of the cyber attacks. The thing that helped the increase in these attacks is definitely the emergence of AI in 2023.

Business Email Compromise attacks are said to be the most creative online frauds as the actors behind them impersonate popular brands and businesses and make victims give their money and data to earn a lot of profit. Perception Point, a security company, says that Generative AI has added fuel to BEC because it helps the actors write well crafted emails. This way they can easily do social engineering based frauds by fooling the victims about their authenticity and professionalism.
Despite all of this, phishing is still the top cyber security attack with 70% of the attacks being about phishing. Another threat is also arising in 2024 that is quishing. It is a type of fraud where actors make the victims scan a QR code and that QR code leads to the data and important information of the victim being stolen. Most people think of QR code as a trustworthy easy scan but these types of attacks are turning scanning of QR into a threat. According to a report by Perception Point, 6% of the QR that were sent via email turned out to be cyber attacks.

Phishing remains the primary cyber threat, constituting 70% of all attacks, posing significant risks to online users.

In addition to these attacks, two step phishing attacks are also increasing where the actors hack the legitimate websites of different companies. The CEO of Perception Point said that we are getting to the stage of social engineering threats where these threats are going to increase instead of decreasing. It is all because of Generative AI and how many people are misusing these tools for evil causes.

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