Evolving business email compromise (BEC) financial wire transfer fraud scams are on the rise, costing businesses billions of dollars annually. Businesses of all sizes can be targeted and fall victim to these crimes. The best way to protect your business is to have a good understanding how these crimes are committed and train your employees to be on the look out for these scams.
In this crime, the scammers go to great lengths to compromise or spoof business email or use social engineering to assume the identity of the CEO, executive, company attorney or a trusted vendor or customer. The crime is completed when the victim business is tricked into conducting a wire transfer of funds to the criminals account.
The criminals do their homework to develop a good understanding of the victim’s normal business practices. Statistics indicate that victims in these crimes, provide a wide variety of different goods or services or belong to no specific business sector.
All BEC scams involve some form of deception. Frequently the scammers have compromised the email system and will spoof and email to start the scam. The crooks often use just a one letter difference in an email address to trick the victim into sending funds to the crook’s foreign bank account. But there are many variations on this scam to lookout for.
This is another crime, where security awareness training can help to reduce risk. Ensuring that all employees are aware of these crimes will help to stop this crime from happening. Being aware of new crimes and scams in the news is a part of security awareness training. Insuring that employees, are aware of this scam will greatly reduce the likelihood that your company will be victimized.
The Center for Information Security Awareness – CFISA.com has been providing online and on site security awareness training since 2007. CFISA security awareness training stresses the importance of educating employees to help reduce company risk and protect against these types of crimes.
Photo: https://www.fbi.gov/news/stories/business-e-mail-compromise-on-the-rise
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