Security | Threat Detection | Cyberattacks | DevSecOps | Compliance

Earlier this year I joined the team at CultureAI, and like many, I shared the news on LinkedIn. Within weeks, I found myself at the receiving end of multiple phishing emails impersonating our CEO designed to exploit new employees. But rather than ignoring them, I thought it could be fun to play along, see where the rabbit hole led, and deep dive into the world of BCE and Gift Card scams.

Fraud is built on deception, and third-party fraud is no exception. In this type of fraud, attackers use stolen or synthetic identities to impersonate legitimate customers and gain unauthorized access to accounts, services, or funds. By exploiting the trust between businesses and their customers, fraudsters bypass traditional security measures, making third-party fraud a growing threat in an era of automated attacks and large-scale data breaches.

Vendor fraud is a type of financial abuse that occurs when fraudsters pose as legitimate businesses to trick companies and individuals into paying for services they’ll never receive. These schemes exploit organizations, putting their victims at risk for financial and reputational losses. Moreover, the occurrence of vendor fraud has been rising in the last few years.

Fraud has moved from an IT issue to a boardroom topic across industries. The more complex the fraud, the bigger the financial, brand, and customer risk. E-commerce fraud, for example, is expected to cost from $44.3 billion in 2024 (when it was last reported) to $107 billion in 2029, a 141% increase. And that’s just one industry. When the stakes are this high, you can’t blindly chase threats.

Card fraud is evolving—fast. With unauthorised payment card fraud surpassing £275 million in the first half of 2024, businesses face increasing financial and reputational risks. Fraudsters steal physical cards, breach databases, and exploit digital channels, making fraud a low-risk, high-reward crime. The consequences? Lost revenue, customer trust, and compliance fines, with the average UK data breach now costing £3.5 million.

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There are thousands of people worldwide trying to scam you, hoping they can make you a victim, steal your money, and harm you in some way. While some of it is done by individuals or small gangs of people, a lot of it happens on an industrialized scale. In countries around the world, there are large teams of people living and working together, controlled by managers, with profits going up the corporate ladder to people who think they are the next Elon Musk.

Read also: Garantex crypto exchange used by cybercriminals shut down, software dev sabotages former employer’s systems, and more.

Clone phishing is another scam that threatens our online security and data. Throughout this article, we will analyze what clone phishing is with real-world examples. In doing so, you can help identify this kind of scam and keep your personal and business information safe.