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February 27, 2020

Phishing Scam Causes TV Star Barbara Corcoran to go from Shark Tank to Biggest Loser

Barbara Corcoran of ABC's "Shark Tank" lost nearly $400,000 in a phishing scam this week. Corcoran, who has an estimated net worth of $80 million, according to Investopedia, told "People" that she was tricked as a result of an email scheme. 

The high-powered businesswoman told People that she received a sham invoice approving a real estate renovation, but didn't think twice about verifying it because she invests in real estate. It was only until her bookkeeper caught Corcoran's assistant's email was misspelled and it was later found to be the address used by the scammer.

"I lost the $388,700 as a result of a fake email chain sent to my company," she told the magazine. "The scammer disappeared and I'm told that it's a common practice, and I won't be getting the money back."

"I was upset at first, but then remembered it was only money," she added.

For most people and businesses, a $400,000 loss is considered a major setback. It could cause severe financial problems or even bankruptcy for all but the most profitable of companies.

The question is – how can such an attack be prevented?

What can your company do to stay safe?

The best way to stay protected is to hire an internal IT and cybersecurity team with tremendous experience. An easier and more cost-effective solution is hiring an MSP with experience in cybersecurity or an MSSP – both should have solid online reviews and/or phone references.

Another great idea is to use phishing simulation – a free service like PHISH360 keeps you protected by training your workers to not click on emails which are suspicious. If they do… They are presented with education on what to avoid going forward. The manager running the campaign can see who clicked and subsequently poses a cybersecurity threat to the organization.

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