Business e-mail fraud scams

What they are and how to shut them down.

Business e-mail fraud scams.
Business e-mail fraud scams.

How could attackers trick you, an intelligent professional, into handing over company funds?

They impersonate someone you know and trust, says PhishMe.

In business email compromise/email account compromise (BEC/EAC), also known as "business email fraud," a cyber attacker spoofs the e-mail of someone within a specific company or someone associated with that company (a vendor, supplier or contractor). The attacker then assumes the identity related to that e-mail account. He uses that identity to e-mail a targeted victim, asking that person to make a bogus wire transfer or pay a fake bill.

The perceived authenticity of the e-mails has made the scams incredibly successful, and the number of scams has skyrocketed. According to the FBI's latest BEC/EAC alert, businesses worldwide experienced a 2,370% increase in actual and attempted dollar losses from BEC/EAC scams between January 2015 and December 2016.1 Those losses - representing more than USD 5.3 billion - affected over 22 000 companies (large and small) in all 50 states and in 131 countries.2

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