BEC Scammers Use Aging Report Phishing to Find New Targets

BEC Scammers Use Aging Report Phishing to Find New Targets


Image: Nick Abrams/BleepingComputer


A group tracked as Ancient Tortoise is targeting accounts receivable specialists tricking them into sending over aging reports and thus collecting info on customers they can scam in later attack stages.


Aging reports (aka schedule of accounts receivable) are collections of outstanding invoices designed to help a company's financial department to keep track of customers who haven't yet paid for goods or services they bought on credit.


These sets of invoices allow accounts and management to get an overview of the company's credit and collection processes by breaking down the outstanding debts into increments going from thirty to more than ninety days overdue.


Going beyond BEC scams


While BEC aka EAC (short for Email Account Compromise) scammers are known for using social engineering or hacking to switch the bank accounts used by an organization's financial department to wire out funds, the Ancient Tortoise actors go beyond that.


A report shared exclusively with BleepingComputer that will go live tomorrow shows how researchers at Agari Cyber Intelligence Division (ACID) observed the new threat group impersonating a company's CFO and requesting an updated aging report together with up to date contact information for each of the customers that had unpaid overdue invoices.


Not asking the company's employees to change payment accounts is a tactic used by Ancient Tortoise to gain their trust and trick them into following up to their demands for company records.


The attackers also made use of name deception and free email accounts designed to m ..

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