Business Email Compromise (BEC) is a type of cyber attack where the attacker impersonates a high-ranking executive or a trusted vendor to deceive the victim into transferring money or sensitive data. This sophisticated scam targets businesses working with foreign suppliers and companies that regularly perform wire transfer payments. The attacker typically compromises legitimate business email accounts through social engineering or computer intrusion techniques to conduct unauthorized transfers of funds.
Business Email Compromise scams have become a significant threat to organizations worldwide. It involves the attacker gaining access to an email account of an executive or a financial officer. The attacker then uses this email account to send fraudulent instructions to other employees to transfer funds to the attacker's bank account. The email appears to be a legitimate request from a superior, which often leads to the successful execution of the scam.
Companies of all sizes and in all industries can fall victim to BEC scams, but those that regularly perform wire transfer payments or work with foreign suppliers are at a higher risk.
Companies can protect themselves by implementing strong internal control measures, educating employees about BEC scams, using multi-factor authentication, and regularly monitoring and auditing their financial transactions.
Anti-phishing software, secure email gateways, and advanced threat protection solutions can help protect against BEC scams. These tools can identify suspicious emails and prevent them from reaching the intended recipient.
Understanding and preventing Business Email Compromise can protect a company's financial resources, maintain its reputation, and ensure the security of its sensitive information.
Business Email Compromise is a sophisticated scam that can have severe consequences for businesses. However, with the right knowledge, tools, and practices, companies can safeguard themselves against this threat.