• Cyberfin Editorial
• May 30, 2024
• No Comments

The Rising Threat of Email Scams

Email scams pose an ever-growing threat to businesses and organizations of all sizes. Phishing, spoofing, malware links, and other deceptive tactics allow cybercriminals to infiltrate company networks and steal sensitive data.

The most common types of email scams targeting businesses include:

• Phishing: Fraudulent emails pretending to be from a trusted source in order to trick recipients into sharing login credentials or other sensitive information. Phishing emails often look identical to legitimate messages.
• Spoofing: Emails that falsify the sender address to appear as though they originate from a trusted contact or company. Spoofing disguises the true malicious source.
• Malware Links: Emails containing infected links that download malware onto a user’s device when clicked. This malware can secretly collect data or allow hackers to control the compromised device.
• BEC Scams: Highly targeted business email compromise scams that impersonate executives and request fraudulent wire transfers. These have cost some companies millions.

With the average cost of a business email compromise scam over $140,000 per incident, it’s clear email security requires urgent attention. As threats grow more advanced, legacy defenses struggle to identify telltale signs of phishing and social engineering. Businesses need proactive solutions to keep their inboxes safe.

How AI Detects Email Threats

Artificial intelligence provides advanced capabilities for identifying email scams and threats before they reach users’ inboxes. AI-powered email security utilizes a combination of techniques:

• Spam filters and rules – AI systems maintain databases of known spam email addresses, domains, and keywords. Incoming emails are scanned for matches and blocked or flagged as spam. The system also establishes rules to recognize common patterns and attributes of spam.
• Anomaly detection – Beyond simple rule-matching, AI can detect abnormal or anomalous emails that are statistically different from normal traffic. For example, an email sent from an unusual foreign country could be flagged.
• Pattern recognition – AI examines trends in data to identify sequences or patterns common in malicious emails but rare in legitimate ones. Machine learning reveals connections that rules alone might miss.
• Machine learning – By continually training on new emails and user feedback, the AI builds an adaptive model for identifying threats. With enough quality data, it learns to recognize the subtle signals separating scams from safe emails. The more emails the AI processes, the better it gets at threat detection.

These AI capabilities working together enable nuanced, intelligent scanning well beyond traditional spam filters. Rules flag obvious threats, while advanced techniques catch new and sophisticated scams. AI empowers robust email security that stays ahead of the latest email dangers.

Case Studies of AI Catching Scams

AI-powered email security has already proven effective at identifying and stopping real-world email scams targeting insurance agencies. Here are two examples:

Phishing Attack Halted

An employee at a Financial Services company received an email that appeared to be from the CEO asking them to purchase $5,000 in gift cards for a client incentive program. The message matched the CEO’s email address and writing style.

However, the AI scanned the message and identified anomalies – the CEO had never made gift card requests over email before, the message came from an unusual external IP address, and the language patterns differed slightly from the CEO’s typical communications. Recognizing these red flags, the AI quarantined the message and notified the security team of the likely phishing attempt.

Business Email Compromise Blocked

An accounts payable specialist at an Insurance Agency got an email that seemed to be from one of their vendors requesting an urgent wire transfer to a new bank account. The message correctly referenced an open invoice and appeared legitimate.

But the AI noticed subtle differences in the vendor’s email domain and writing patterns compared to previous messages. Checking historical communication data, the AI determined the change in bank information was abnormal and likely fraudulent. It automatically flagged the message as high risk, allowing the employee to confirm it was a business email compromise scheme before sending any funds.

Implementing AI-Based Email Security

Implementing an AI-based email security system requires thoughtful planning and adaptation. When choosing a system, look for one that seamlessly integrates with your existing infrastructure. Consider whether you want a cloud-based or on-premises solution. Cloud-based systems require less maintenance but on-premises gives you more control.

You’ll also want to ensure the AI is continuously learning and improving over time. The system should get smarter and more effective as it processes more data. Carefully evaluate detection rates, false positives, and customizability.

Once you’ve chosen a system, you’ll need to train staff on any changes to email procedures. Make sure they understand the technology is there to help them, not replace them. Have a plan for dealing with flagged emails – such as forwarding to IT for analysis. Encourage staffers to report any issues or frustrations so you can refine the implementation.

Beyond AI security, continue best practices like never opening attachments from unknown senders. Institute policies like confirming unusual payments or account change requests verbally. Defense in depth is key. With smart AI systems and engaged employees, your agency can stay steps ahead of constantly evolving email threats.

The Importance of Proactive Email Defense

Email scams and cyber threats are constantly evolving, which means insurance agencies must remain vigilant to protect themselves. New phishing techniques and malware infections emerge every day, ready to target unsuspecting victims and gain access to sensitive data and accounts.

Waiting to react until after an attack has occurred is too late—the damage will have already been done. Agencies that are serious about safeguarding client information, maintaining productivity, and avoiding costly disruptions need to get ahead of the problem before it arises.

Implementing AI-powered email security puts a formidable barrier between your inbox and the outside threats trying to breach it.

Don’t leave the front door to your business undefended. Take action today to lock down and monitor your agency’s email, keeping your staff, clients, and assets secure.

Being proactive now will save you time, money, and headaches in the long run. Take the first step to protection and schedule a Cyber Assessment to discover how vulnerable you are.