Security News > 2024 > February > European retailer Pepco loses €15.5 million in phishing (possibly BEC?) attack
Pepco Group has confirmed that its Hungarian business has been hit by a "Sophisticated fraudulent phishing attack."
The European company, which operates shops under the Pepco, Poundland and Dealz brands, said that the company lost approximately €15.5 million in cash as a consequence of the attack.
Pepco says it's a phishing attack, but it might also be business email compromise.
The widespread availability of AI tools could make these attacks easier to execute and likelier to victimize potential targets, she noted, since it allows scammers to deliver emails without spelling errors that mirror the tone of previous email correspondence.
According to Abnormal Security, BEC attackers have been targeting European organizations at an increasing rate.
"Organizations must learn from the incident against Pepco and improve their defenses against BEC phishing attacks," Coyle pointed out, because these attacks can be business-destroying.
News URL
https://www.helpnetsecurity.com/2024/02/28/pepco-phishing-bec-attack/
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