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7 Eye-Opening Truths About BEC Scams You Wish You Knew Earlier

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According to the FBI’s internet crime report, business email compromise scams were the most destructive and effective type of cybercrime last year. The FBI received 467,361 cybercrime complaints, which resulted in a total loss of $3.5 billion. Half of the reported losses (1.77 billion) came from business email compromise.

What makes this type of scam so popular is the fact that they are easier to execute and do not require technical skills to pull off. This type of scam occurs when cybercriminals manage to successfully compromise a legitimate email account associated with a business. They use it to send fake invoices. These emails usually are sent to employees of the company or business partners.  BEC scams usually target businesses performing wired transfer payments.

The main purpose of this type of scam is to trick businesses into wiring money into the wrong bank accounts. With most businesses still using email for correspondence and not realizing the threat of business email compromise, they are more likely to get affected by it. The best way to protect yourself is to increase awareness about business email compromises. That is exactly what we will do in this article.

In this article, you will learn about seven shocking truths about BEC scams you did not know about.

1. Difficult to Detect

Not only are these BEC scams easier to launch but they are also difficult to detect for systems responsible for detecting phishing and spam emails. Since business email compromise scams are usually hyper-targeted and professionally crafted, it can easily slip through the cracks of phishing and spam monitoring systems which are tailor-made to handle a large volume of spam emails. This makes BEC scams even more dangerous as it gives scammers more time to fulfill their malicious intent without getting noticed.

2. Increase in Number of BEC Attacks

According to the Mimecast email security report, BEC scams have increased by 67% with 73% of businesses experiencing direct losses. Another report by Proofpoint paints an even darker picture. According to the report, BEC attacks per targeted organization increased by 476% on a year over year basis.  If you buy VPS server or dedicated server, these BEC scams won’t infect but their main purpose is to steal money from your business.

The lack of awareness about BEC scams also contribute to its success and make it easier for hackers to trick employees occupying a key position in an organization. Businesses should launch training and awareness programs to improve deterrence against BEC scams. Studies have shown that untrained employees are 30% more likely to click on malicious links in a BEC email as compared to only 2% of trained employees.

3. Individuals Vs Team Debate

Another misconception most businesses have about BEC scams is that they are launched by a resourceful and highly organized team of hackers. This is not true as we have seen many examples of individual hackers launching business email compromise scams.

One of the best examples is a Nigerian 419 scammer, who laid the foundation for a group called Scattered Canary a decade ago. The number “419” refers to the section of the Nigerian Criminal Code dealing with fraud and charges applicable on offenders. The group consists of 35 individuals who have made millions of dollars with BEC scams in no time. Apart from BEC scams, they also launch check fraud, romance scams, credit card scams, credential harvesting and more.

4. Suspicious Activity

As mentioned before, the main objective of these BEC scams is to convince the target to transfer money to a bank account that might seem like it is associated with a business but it is not. This is not the only method these cybercriminals use. They might also try to influence payroll for employees on autopay. All they must do is to create a social engineering hook that looks legitimate to the target. Since most attackers might ask to transfer a sizable amount, they also do extensive research to create a story that the target believes in. This makes it easier for them to convince them to transfer money.

5. Money, Money, Money

BEC scams have financial motives. You might have already guessed it by now. Scammers want to make a quick buck out of it. A couple of years ago, a famous European cinema chain became a target of the BEC attack in which they ended up transferring $21.5 million in a month. The attacker portrayed himself as the French CEO of the company and sent out a series of emails to Dutch regional executives asking them to transfer money for making a new acquisition. The amount of effort required to execute B attacks coupled with the ability to get quick financial rewards to attract more criminals to business email compromise scams.

6. CFOs are The Primary Target

Even though the list of victims might vary from case to case but if you study BEC scam, you will notice a common pattern. The primary target for BEC scam is usually CFOs or financial gatekeepers. According to a report on London Blue, a multinational group of scammers launching BEC attacks, London Blue harvest names and addresses of targets from legal sources and buys contact information from companies who are paid to provide contact information for marketing operations. The report also illustrated how London Blue spoofed the email address of the CEO to create urgency and add authenticity to their BEC campaigns.

7. No One is Safe

Another common misunderstanding most people have about business email compromise scams is that it only targets large scale enterprises. That is not true. Victims of BEC attacks range from families to churches. Fraudsters have fooled many families during real estate transactions and stolen millions of dollars. Scammers stole 1.75 million from Ohio Catholic parish who was raising funds for church renovation by pretending to be a construction company. In short, anyone can become a target of BEC attacks.

How do you protect your business from business email compromise scams? Share it with us in the comments section below.

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What makes a book-to-film adaptation so successful?

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A book is to be adjusted to fit numerous mediums including TV assortment, exhibitions, video computer games, sound, and the greatest mainstream, film. The greatest variations depend absolutely on genuine stories and extra mundane fiction customer distribution. Motion pictures customized from books are customarily more fruitful than unique screenplays as they engender 50% more deals than unique screenplays ecumenical. From the outset, 73% of the area’s main 20 earning films are rudimentarily founded on books.

The portion of books customized for film shifts each year, sometimes considerably, as attributes in a well-kenned lifestyle should be followed. For instance, in 2005 62% of motion pictures distributed were found in books, this then, at that point dropped significantly to 24% in 2011 and afterward rose to 66% in 2015.

Why have adaptations become more famous?

Adjusted motion pictures are more renowned and a triumph than unique screenplays because of the reality the book or author as of now have an after that approaches an ensured target audience which guarantees that it’ll no more “flop” on the movies. What’s more, due to the previous objective market and present-day online media, sweethearts can possibly unfurl the word roughly by thinking about it to arise as a piece of renowned subculture.

A great film variation proceeds with the central storyline unblemished simultaneously as improving the components that didn’t work or don’t work inside the story as told fair and square: For example, the story should be higher than the remarkable. The film form itself shouldn’t reflect all variables of the story inside the book word for word, in some other cases, it wouldn’t be alluded to as a variation. 

Famous movie adaptations of books

The silence of the lambs 

This movie was adapted from the book The Silence of the Lambs by Thomas Harris. This movie was directed by Jonathan Demme and produced by Ron Bozman. It was released on February 14 1991 and became very successful and garnered $272 million worldwide with a very low budget at $19 million. This movie became the fifth highest-grossing movie of the year 1991. It very much influenced the audiences and it is also known as the most influential and greatest movie ever made.

The Godfather

This movie was adapted from the book The Godfather written by Mario Puzo. It was directed by Francis Ford Coppola and produced by Albert s. ruddy. This movie was released on March 14, 1972. It Gained immense popularity and earned more than $256 million where its budget was $6 million. It also became the highest-grossing film in that year and received a great response from both critics and the audiences. 

Harry Potter

It’s a film series based on the book Harry Potter written by JK Rowling. It also became the highest-grossing movie despite being 8 movies long. It displayed the same story as written in the book and it became very famous among the audiences and fans of the books who wanted to see it on the big screen. You can see the other most successful book-to-film adaptations on Betway Insider

How are books beneficial to movie adaptations?

One of the biggest reasons for being a movie successful is because of the story and writing of the books. Many fans of the particular books want to have a movie adaptation to see the characters and their evolution in real life. There are people who don’t have a habit of reading books so they particularly come to see the movie where they like the movie adaptation, making it successful. By adapting the famous novel, a movie also becomes very famous and guarantees success to the publishing industry.

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Things to look for while buying a lab-grown diamond

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A lab-grown diamond is grown in labs artificially with the same materials as natural diamonds and both are identical in terms of looks with naked eye; only the specialists who have the proper knowledge and equipment for testing can spot the minute differences. Such lab–grown diamonds have gained popularity among buyers because they are budget friendly and Australia, particularly lab grown diamonds Adelaide has top-notch collections.

The most significant thing you have to know before buying lab-grown diamonds is the 4-carat terminology. These 4 Cs are carat, cut, color, and clarity. These dictate so many things about a diamond, like a look, style, type, size, appearance, and so on. One should research about the 4Cs and educate before buying a lab-grown diamond; and the carat and cut you choose will determine the price of the diamond. Pay attention to the clarity because the purity depends on the clarity of your diamond; and more clarity increases the price. One interesting thing you must keep in mind is that lab-grown diamonds come in different colors like yellow, pink, blue, and many more.

Additionally, grading reports are important when you buy manufactured diamonds since certification shows the authenticity of the diamond you purchased. You should get a grading report when you purchase one; if the seller fails to give a certified grading report, you should not proceed with the purchase as no certification from trusted labs indicates it can be fake.

You need to research shops, brands, and companies of lab-grown diamonds before buying one. Ask your friends, family, or neighbors who bought a lab-grown diamond before. For online companies, do not forget to know about their return policy before purchasing. You may need to change the diamond for so many reasons. If they do not have such return policies, you will end up having something you do not like!

These are some of the main factors you need to consider before buying any lab-grown diamonds. Do not rush yourself while buying them. Since they are not cheap, you should be careful enough. It is different for lab-grown diamonds because they are 40% lesser in price than natural mined diamonds. However, many sellers trick the buyers with fake certification and show one product and give another. Hence, take recommendations and reviews before making a purchase. Lastly, do not hesitate to ask about every detail about the diamonds you want to buy; it is a seller’s duty to answer all the queries of a customer.

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Why is it That Only Flowering Plants Bear Fruits And Not Non Flowering Plants?

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Plants are incredibly beneficial to the world and all living beings. Plants use their leaves to collect carbon dioxide and release oxygen, which humans and other animals need to breathe. Plants are necessary for life; they eat them and live in them. Plants also help in the purification of water. 

Plants mainly come in two categories: flowering and non-flowering. The process of reproduction is the primary distinction between flowering and non-flowering plants. Non-flowering plants rely on dispersion to continue their life cycle, whereas flowering plants rely on pollination for reproduction.

How Are Fruits Formed?

The fruit, in scientific terminology, is the seed-bearing portion of the plant that forms after fertilization. Flowers must bloom before developing fruit so that the male and female organs can grow and produce pollen and receptive ovules. 

The stamens create pollen within the flower, whereas the female ovules from inside the pistil. You can find male stamens and female pistils in the same flower. However, blossoms can sometimes develop into male or female units on different plants.

For fertilization to occur in most blooming plants, pollen must travel to another plant of the same species. This mechanism ensures that the offspring’s genetic makeup is not identical to that of their parents. Insects and wind are the two most prevalent ways for pollen to go from one plant to another. Self-pollination is uncommon, but it does happen on occasion.

When pollen reaches the stigma at the top of the pistil, it must travel down a pollen tube to the pistil’s base to find a receptive ovule, which is the female genetic material inside the ovary. When pollen lands on an ovule, the male and female genetic material merges to form an embryo, which grows into a seed.

The embryo’s cells regularly grow once it has formed. Botanists refer to the embryo as a zygote, once it has progressed beyond the two-cell stage. The zygote develops in size over time. Cell differentiation occurs eventually, and the zygote transforms into a seed.

The ovary begins developing into a fruit, and the ovules begin to generate seeds after the zygote starts to expand. The ovary and pistil’s exterior walls become the fruit’s skin. In other circumstances, such as the apple and pear, a fleshy and edible material develops outside the ovary wall and becomes the fruit’s edible section. 

The outer covering comprises petals, sepals, and bracts, and it protects the fleshy substance. In either instance, fruit grows as long as the plant does. But when the fruit ripens or the plant stays dormant for the winter, the fruit falls.

Why Non-Flowering Plants Have No Fruits?

The process of reproduction is the primary distinction between flowering and non-flowering plants. Non-flowering plants rely on dispersion to continue their life cycle, whereas flowering plants rely on pollination for reproduction. Non-flowering plants reproduce by spores, whereas flowering plants develop flowers and reproduce through seeds.

Spores are microscopic plant parts that help them reproduce. If the plant is lucky, the spores will be carried away by the wind, allowing another plant to grow. Inadequate pollination is one of the reasons why plants do not produce fruit. Pollination is required for most food crops to produce fruit or seeds. When plants have no flowers, pollination cannot occur, so they cannot bear fruit.

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What Are the Different Types of Pallets That Exist Today?

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The global pallet market racking market is picking up at a steady pace. The Market Research Future predicts a compound annual growth rate of 7.8% between 2020 and 2027. We can attribute this traction to the changing global supply chain, thanks to the pandemic.

Different types of pallets offer comprehensive intra-logistics solutions, making them a go-to option for the eCommerce industry. Supermarkets and jumbo retailers prefer warehouse solutions with high storage capacities. They also want drive-in racking systems.

So, what are the different types of pallets existing today? What’s the best pallet for your warehouse business?

Let’s look into the prevalent designs, depending on dimensions, composition, and other characteristics.

Types of Pallets According to Dimensions

This category includes the Euro and American pallets. The Euro pallet is prevalent across Europe. According to the European Pallet Association, the Euro pallet has standard dimensions of 1200X800 mm. This pallet weighs 25kg, and its safe workload on the move is 1500 kg.

Also known as a universal pallet, the American pallet is popular in the US and Japanese logistics. Its dimensions are 1200X1000 mm and weigh approximately 25 kg. The safe workload for the American pallet is 1500 kg.

Pallet Types Based on Manufacturing Materials

You can also classify pallet racking based on its composition, including wooden and plastic. Wooden pallets have the highest demand, thanks to their resistance and hassle-free maintenance. You can also go for a wooden pallet if you’re business policy favors 100% recyclable materials.

However, they are difficult to clean and disinfect. On the other hand, plastic pallets are increasingly becoming popular, and they might soon take the place of the wooden pallet. Besides being one of the most affordable pallets, they are easy to clean and disinfect.

Plastic pallets are lighter compared to wooden pallets. On top of that, plastic pallets are 100% recyclable.

Types of Pallets According to the Number of Sides

The number of sides on a pallet racking is what you call the entry point for introducing a forklift’s fork. These types of pallets are two, including 2-entry and 4-entry. You can access a 2-entry point pallet from two opposite sides.

However, these pallets are less mobile than 4-entry points because accessing them can be challenging. On the other hand, a forklift can access this pallet from either side along the width and length. Four entry point pallets guarantee faster mobility and efficient workflow.

Other Types of Pallets

Other types of pallet racking include spill containment. As the name suggests, this pallet contains leaks or drips from chemical storage drums. The spill containment pallet features a removable, patented grating for cleaning the spillages.

We also have reversible and wing pallets. You can load a reversible pallet from either side, top or bottom. Reversible pallets have identical and homogenous sides. A wing pallet has projects on its sides for fastening systems. This pallet racking can have two to four sides.

Choosing the Right Pallet

All these types of pallets are ideal for different warehouse and storage operations. Nevertheless, whichever option you settle for, the load must not exceed its dimensions.

Look for more articles on this website to learn more about pallet designs and best practices.

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What Are the Causes of Inflation?

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In the United States, inflation is at the forefront of everyone’s mind. The current inflation rates are the highest since 2008, and many people believe that we are in the beginning stages of an even greater rise. 

With rising prices and stagnant wages, many people want to know what causes inflation so that they can understand the best way to counter it. If you’re one of the millions of Americans worried about this issue, we’re here to help you understand the root causes of inflation. Read on to find out more!

What is Inflation? 

Inflation is the number that governments, businesses, and citizens use to measure the rate of rising prices. These prices cover every gamut of life, including food, houses, electronics, utility bills, and more. 

When inflation causes prices to rise for basic necessities that people need to live, this has a serious impact on society. It can cause discontent and makes it harder for people to afford things like food and healthcare. Rising inflation rates may affect everyone, but it has a much more dramatic impact on lower-income families. Many times, inflation can actually cause the wealth of rich families to grow at the expense of the working class. 

There are two primary causes of inflation: an increase in demand or an increase in the costs of production. 

Cost-Push Inflation

This cause of inflation happens due to the rising cost of production. The two primary reasons for the higher cost of production comes from a scarcity of raw materials (either from limited resources or higher costs of obtaining them) or rising wages. When production costs rise but demand remains the same, the laws of supply and demand tell us that prices will increase. 

For example, let’s say that the costs of getting raw metals used in cars rise. If demand remains the same for new cars while the supplies used to make those cars become more expensive, it will cost companies like Ford more money to produce the same amount of product. Those costs will then get passed on to consumers. 

Even if the raw materials cost the same, if employees demand higher wages for extracting those materials, those costs will also get passed onto consumers. Either way, this ripples through the economy. When vehicles become more expensive, it affects transportation, which causes the price of getting goods from one place to another more expensive, meaning that suddenly, the price of food rises. 

Demand-Pull Inflation 

This type of inflation is when demand rises above an industry’s ability to meet it. We currently see this with microchips, which is a major issue for the production of cars, cell phones, and other electronics. Because of COVID, people bought more electronics and microchip manufacturers couldn’t keep up with demand. Now, there are thousands of vehicles sitting in plants awaiting these parts. 

This often happens when an economy grows beyond its natural rate. It can also happen when there is excess money or when the government spends more money than it brings in through taxation. 

While these two types of inflation can cause serious concern, Dr. Jasdeep Singh, COO of 3BC points out that there are several ways to protect your investments. 

The Causes of Inflation Are More Complicated Than Most Realize 

When discussing the causes of inflation, it’s important to remember that many times, a small change in one industry can cause ripple effects that impact the entire economy. The two causes of inflation discussed in this article can also occur simultaneously, which makes things even more complicated. 

We’re here to help you understand what’s going on in the world. Our website posts informative articles like this on finance, the economy, banking, and more! Bookmark our page today and check back often for more articles!

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