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BEC Scams: The Sophisticated Threat Lurking in Your Inbox
As remote work and digital communication become the norm, a growing threat is targeting unsuspecting employees and businesses alike. Business Email Compromise (BEC) scams are on the rise, with losses totaling over $2.7 billion in 2022 alone.
How BEC Scams Work
Fraudsters have developed an arsenal of tactics to deceive victims into sharing sensitive information or transferring funds. They may pose as a higher-up at your company, a board member, or even a vendor, using publicly available data from LinkedIn and other social media platforms to create a convincing persona.
Once the email is received, the attacker will typically request sensitive information, such as financial data or login credentials. If successful, they can use this information to install malware, intercept wire transfers, or wreak havoc on your company’s systems.
The Frequency of BEC Attacks
The frequency of these attacks has increased by 13% in recent years, with Verizon’s annual report revealing a nearly doubling of BEC attacks in 2023 compared to the previous year. The FBI reports that BEC scams are now the second-largest cause of financial losses, after investment scams.
How to Avoid Becoming a Victim
To protect yourself and your business from these sophisticated scams:
- Read emails carefully and inspect email addresses fields or caller ID
- Verify payments by communicating with the authorizing person in a different way than email
- Set up two-factor or multifactor authentication on email accounts and web applications
- Require multiple steps or people to share sensitive information
Recovering from a BEC Attack
If you believe your organization has been targeted, the FBI recommends:
- Contacting the financial institution where the stolen funds originated
- Requesting a reversal of the funds and a “hold harmless letter”
- Filing a detailed report with the Internet Crime Complaint Center (IC3)
Don’t wait to act. The window for recovery is narrow, and prompt action can help minimize losses.
Stay Informed
Stay ahead of these sophisticated scams by following our updates on BEC attacks and cybersecurity best practices. Contact us at [insert contact information] to learn more about protecting your business from this growing threat.
Story editing by Jeff Inglis. Copy editing by Paris Close. Photo selection by Clarese Moller. This story originally appeared on Drata and was produced and distributed in partnership with Stacker Studio.