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Thousands of taxpayers affected by W-2 Phishing attacks this year

Discussion in 'CSO' started by RSS, May 2, 2016.

  1. RSS

    RSS New Member Member

    Thousands of taxpayers have been impacted by a wave of Phishing attacks targeting W-2 records, with more than sixty organizations reporting such incidents in the first half of the year.

    By taking advantage of the trust relationships that exist within a given company; these attacks have resulted in at least $2.3 billion in losses over the last three years.

    Business Email Compromise / Correspondence attacks (BEC attacks) aren't overly clever, but they're effective. A person with authority is impersonated, and a lower-level staffer is asked to share W-2 records or related payroll information. That's all there is to it.

    Because the request looks and feels legitimate, the employee usually complies, but there have been a few cases where the scam was flagged before any damage could be done.

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