Business Email Compromise (BEC) scams are an ever-present problem in the business world with scammers creating more elaborate campaigns and covering their tracks to evade detection. BEC scams generate around $301 million every month, or $3.6 billion every year. The recent proliferation of BEC scams is tied to COVID-19.
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Did you know?
In 2019, the cost of BEC attacks were approximately $1.7 billion, almost half the cost of total cybercrime.
Different types of BEC attacks
- CEO fraud: Cybercriminals impersonate as CEO or high-level executives within an organisation and target employees with requests for payments or sensitive information.
- Account compromise: Compromise an employee’s email account and trick their contacts to transfer payments.
- Bogus invoice scams: Cybercriminals impersonate suppliers or third-party agents and request fraudulent fund transfers.
We recommend the following to stay safe
- Be wary of emails claiming to be from higher officials.
- Never click on suspicious links or attachments in emails.
- Verify requests for payments before responding.
- Enable two-factor authentication in email accounts.