What is Business Email Compromise?

Business Email Compromise (BEC) is a type of cybercrime where attackers impersonate a trusted person or company through email. Their goal? To trick you into transferring money, revealing sensitive information, or giving access to valuable resources.

How BEC Works

• Phishing: Scammers gain access to a company’s email system through phishing attacks, then monitor communications to craft convincing fake emails.
• Email Spoofing: Attackers create email addresses that look nearly identical to legitimate ones, tricking recipients into thinking the email is real.
• Social Engineering: Using publicly available information, scammers pose as executives or vendors to request payments or sensitive data.

Common BEC Scams

• CEO Fraud: The attacker impersonates an executive and requests an urgent wire transfer.
• Fake Invoices: Scammers pose as suppliers and request payment to a fraudulent account.
• Account Takeover: Attackers hack an email account and use it to request payments or information.

How to Protect Your Business

• Verify Requests: Always confirm payment requests or sensitive information requests through a separate communication method.
• Be Skeptical: Watch for unusual or urgent requests, especially if they seem out of character.
• Train Employees: Educate your team on how to spot BEC scams and report suspicious emails.
• Use Multi-Factor Authentication (MFA): MFA adds an extra layer of security to email accounts.
• Implement Payment Controls: Require multiple approvals for large transfers and regularly monitor account activity.

What to Do if You’re Targeted

If you suspect a BEC scam, act fast. Contact your bank to halt any transfers and report the incident to authorities. Quick action can help minimize damage.

Business Email Compromise is a serious threat, but with the right precautions, you can protect your business from falling victim. Stay vigilant, verify requests, and keep your team informed about the risks. A little caution can go a long way in keeping your business secure.