Business Email Compromise (BEC) is a cyber-attack where attackers use email to deceive and manipulate individuals into transferring money or sensitive information. These attacks often target businesses and organizations, using human trust and social engineering tactics to achieve their goals.
How BEC Attacks Work
- Attackers research their targets extensively to gather information about the organization’s structure from social media, company websites, and previous breaches.
- Attackers either spoof an email address to make it appear as though it’s coming from a trusted source or compromise a legitimate email account through phishing or other means.
- Attackers craft convincing emails that appear to come from a trusted source, such as a CEO. These emails often contain urgent requests for wire transfers, changes to payment information, or sensitive data releases.
- The emails are designed to exploit human emotions and prompt quick action. They create a sense of urgency, fear, or authority to pressure the recipient into complying with the request without verifying its authenticity.
- Once the recipient falls for the deception, they perform the requested action, and by the time the fraud is discovered, the attackers have typically moved the funds to accounts that are difficult to trace or recover.
How to Protect Your Business From BEC Attacks
Employee Training: Regularly train employees to recognize and report suspicious emails
Verification Procedures: Implement strict verification procedures for financial transactions and changes in payment instructions.
Email Security: Use advanced email security solutions to detect and block phishing attempts and suspicious emails.
Access Controls: Limit access to sensitive and financial information, user strong passwords, and enable multi-factor authentication (MFA) whenever possible.
