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Separate analysis from Singapore warned that monetarylosses associated with BEC scams that specifically instruct targeted employees to send gift card redemption details are on the rise, too. BEC is not the only cyberattack causing corporate losses, however, as ransomware threats continue to ramp up as well.
As for the areas where scammers managed the biggest hits, business email compromise (BEC), confidence/romance fraud and spoofing were the top three types of crime in terms of monetarylosses. billion (or slightly over half) of all losses tracked in 2019.
Despite company efforts, lax PIN hygiene and open apps on stolen devices pose serious threats, including account takeover and ransomware attacks. In 62 per cent of smartphone theft cases, businesses face severe financial and cybersecurity risks.
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