8Aug-Sept 2018By Nicolas Miailhe, Co-Founder & President, The Future Society and Thierry Berthier, CTO, AletheionCybercrime and online financial fraud increased sharply between 2016 and 2018, with a total loss exceeding $3 billion in 2016 for fake president frauds, wire transfer scams and fake suppliers alone. The number of attacks carried out by sending a fraudulent e-mail increased by more than 87 percent in the United States between 2016 and 2017. The FBI (Federal Bureau of Investigation) and the IC3 (Internet Crime Complaint Center) recorded more than 16,000 complaints from American companies and administrations that were victims of fake wire transfers (BEC scams), fake president frauds or fake suppliers in 2017.These attacks are costing businesses and the American economy more and more: $360 million in damage were declared in 2016 for fake president frauds only, against $675 million in 2017. Teams leading this type of attack have adapted to their targets' suspiciousness. They now operate in a very professional manner and constantly innovate in the choice of their deception strategies. The fight against online financial fraud has become a priority for all security services and for companies that can be put in danger by a single attack carried out at its end. This effort must be based primarily on preventive actions. This involves raising awareness and educating all potential targets within the company about risk, particularly in the accounting department, the financial department IN MYOPINIONA rudimentary example of a fake president fraudNicolas MiailheArtificial Intelligence AgainstOnline FinancialFraud
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