What is Business Email Compromise?

A form of cyber threat known as an attack on business email compromise (BEC), can have a serious impact on a company’s finances and reputation, and are a significant risk.

According to the FBI’s 2020 Internet Crime Report, 2020 saw 791,790 reports of suspected online crime, an increase of over 300,000. In 2020, reported losses exceeded $4.2 billion. According to the report, these victims lost most of their money due to BEC scams. The same issue is experienced across the global economy.

BEC attacks can often be prevented by training and due diligence. These can both be improved with fraud prevention tools. For a Barracuda Partner, visit a site like https://www.primesys.co.uk/partnerships/barracuda/

Explore the different ways to combat business email compromises.

What is a Business E-mail Compromise?

BEC attacks occur when a fraudster has unauthorised access into a business account. Account takeover attacks are the most harmful form of BEC. Fraudsters can use manipulation techniques such as phishing emails or leaked data to access and take control of one or more accounts of a business. BEC can also be carried out by fraudsters impersonating senior members of the target company, such as executives.

Other times, senior staff members may be targeted via messenger services, telephone calls, or social media. A common sign of a scam is the request for sensitive information in such communications. You can act on your suspicions by doing a quick lookup of an email address that is associated with the message.