Return Path’s Email Fraud Protection business unit has been acquired by Proofpoint and its technology will be incorporated into Proofpoint’s range of email security products to offer even greater protection against business email compromise (BEC) attacks.
BEC attacks typically impersonate the CEO or CFO and target employees in the payroll and HR departments. The attackers attempt to obtain sensitive information by deception or fool employees into making fraudulent bank transfers. BEC attacks are the leading cause of financial losses due to cybercriminal activity according to the FBI. The FBI’s figures suggest that worldwide, $3.1 billion has been lost to BEC attacks in the past year.
BEC attacks are commonplace. An analysis by Proofpoint indicates 80% of its customers had experienced at least one BEC attack in the past month alone, and many had experienced several.
BEC attacks are highly effective and difficult to block. The emails appear to have been sent from trusted individuals, they rarely include any malicious embedded hyperlinks, and neither any malicious email attachments. Without these common indicators of malicious emails, many email spam solutions fail to detect the threats.
Preventing BEC attacks requires a different approach to standard anti-malware and anti-phishing solutions. Return Path’s EFP unit has developed the technology to block these threats and prevent them from reaching end users’ inboxes. Its Standards-based DMARC authentication and proprietary sender-analysis capabilities, combined with Proofpoints anti-spam solution, will provide even greater protection from email-based attacks.
“With our proprietary email threat data and technical expertise at its disposal, Proofpoint will now be fully equipped to offer the best end-to-end spear phishing solution on the market today. We are thrilled to partner with Proofpoint going forward and believe that the combined solution will be stronger for our Email Fraud Protection customers as well as a great home for the employees in our EFP division,” said Matt Blumberg, co-founder and CEO, Return Path.
While the business unit will be incorporated by Proofpoint and will operate under the Proofpoint name, staff at the Broomfield, Colorado business unit will be retained and will move into a new office in the all be kept and will move into new Proofpoint offices in the city.