Targeting Construction and Real Estate Industries It has become commonplace in the real estate and construction industry to make electronic, digital, and wired payments, especially with the very large sums that are often transferred. With paper checks disappearing, cybercriminals are now targeting these industries—victimizing both payors and payees—and causing significant financial tension and reputational harm. As evidenced by a recent FBI bulletin specifically warning the construction industry, fraudsters have become increasingly sophisticated, hacking into e-mail servers, posing as escrow agents or company employees, intercepting wire transfers before the payee or payor even realize it. The author discusses the schemes that…
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What You Should Know About Them The world as we know it is rapidly changing and the COVID-19 crisis has accelerated the pace of that change. Some experts estimate the pandemic advanced the digital transformation timeline by seven years. These changes have opened many new opportunities for cybercriminals who have adeptly exploited these vulnerabilities. This article will summarize the trends that have created these opportunities as well as the ways in which cybersecurity experts are fighting back. The world as we know it is rapidly changing and the COVID-19 crisis has accelerated the pace of that change. Some experts estimate…
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With the news media announcing hacks, breaches, or phishing scams virtually every week, cybersecurity has become a major concern for businesses of all sizes. To recognize National Cybersecurity Month, the AICPA is publishing a series of blog posts on the issue. In this first post, Susan Pierce has some tips to help CPAs understand five low- or no-cost ways to defend against cybercrime. To read the full article in AICPA Insights, click: 5 Low- Or No-Cost Ways for CPAs To Help Slam the Door on Cybercriminals.