With the world depending more than ever on virtual services, scam artists are always finding ways to get access to easy money.
Business Email Compromise (BEC), also known as Email Account Compromise (EAC) is a scam that targets specifically all of those organizations that regularly perform wire transfer payments and/or have foreign suppliers. It is known to be one of the most financially damaging online crimes; it is extremely profitable for cyber-criminals by doing only a minimum effort. Nowadays, communications for both personal and professional purposes are done through email, making BEC scams very popular.
As any other entrepreneurs, hackers are now researching before launching a scam. So instead of spending hours sending random emails to get a minimum profit; now they carefully select a prospect that will deliver a greater bounty. Attackers often impersonate CEO or executives, and go way beyond common methods to steal information.
The Cyber-criminals use keylogger malware or phishing methods sent through an email; these tools compromise business emails, allowing them to hijack transactions by sending alternative payment details, to finally routing the payment to the attackers. In other words, these schemes compromise official business email accounts to conduct unauthorized fund transfers. According to the FBI, there are 5 types of BEC frauds:
- Bogus Invoice Scheme
- CEO Fraud
- Account Compromise
- Data Theft
- Attorney Impersonation
Cyber-criminals will target companies big and small, so it is smart to educate your employees about ways to prevent BEC scams and all other similar attacks. Today we live in a world that relies almost entirely on network connections, making businesses more vulnerable to cyber-attacks. Fortunately, Whitelabel ITSolutions has the best security services available in the market, to keep your company from being scammed from these and other security threats.