Security PSA: SVB collapse presents ripe opportunity for counterparty fraud

Following the collapse of Silicon Valley Bank, Expel observed SVB-themed phishing and warns of increased risk of payment counterparty fraud and Business Email Compromise as organizations update banking information; they have created YARA detections, are assessing additional detections, and recommend validating account changes via known contacts, using test deposits, training finance teams on phishing indicators, and implementing reporting/validation processes to reduce fraud risk.