Business Email Compromise, also known as BEC, is a type of cybercrime where attackers use email to impersonate high-level executives in order to trick employees into transferring money or sensitive information.
Cybercriminals typically use social engineering tactics to gain access to company email accounts or compromise the email server itself. Once they have access, they carefully study the organizations email patterns and financial transactions to plan their attack.
Some warning signs of a BEC attack include unusual payment requests, last-minute changes to payment instructions, urgent requests for wire transfers, and email addresses that are slightly misspelled or look similar to legitimate ones.
There are several steps companies can take to protect themselves from BEC attacks:
If you suspect that your company is being targeted by a BEC attack, its important to act quickly. Contact your IT department, inform senior management, and report the incident to the appropriate authorities, such as law enforcement or cybersecurity agencies.
The consequences of falling victim to a BEC attack can be severe. Companies can suffer financial losses, damage to their reputation, and legal consequences for failing to protect sensitive information.
Business Email Compromise is a serious threat that can have devastating consequences for organizations of all sizes. By being aware of the warning signs and taking proactive measures to protect against BEC attacks, companies can safeguard themselves against this type of cybercrime.
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Rethinking scam prevention: Beyond wire transfers.