Vendor Email Compromise Attacks Against Financial Services Surge 137% Last Year

Abnormal Security data indicates that financial services faced sharp increases in email-based fraud in 2023, with business email compromise up 71% and vendor email compromise up 137%, averaging around 200 advanced attacks per 1,000 mailboxes weekly. Common tactics include fake invoices, bank account changes, and urgent payment requests, with users exhibiting 28% open and 15% reply rates; the piece advocates continuous security awareness training to reduce human risk.