Business Email Compromise (BEC) is a sophisticated cybercrime that has cost businesses billions of dollars worldwide. As the name suggests, it involves compromising legitimate business email accounts to defraud companies.
Hackers will infiltrate a company's network, typically through phishing emails, and gain access to email accounts of employees with financial access. They then impersonate the employee or their boss or even a vendor and try to trick other employees into sending money to hackers’ bank accounts.
One of the main reasons why BEC scams are so successful is because they exploit the inherent trust we place in email correspondence. We automatically assume that an email coming from a colleague's account must be legitimate. However, hackers can spoof email addresses to make them look identical to real employee addresses, with just a minor difference.
Some common BEC scams include CEO fraud where hackers impersonate the CEO and request financial transactions. Another is vendor invoice fraud where they pretend to be a vendor and demand payment. These scams typically target accounting and finance employees who are authorized for wire transfers and payments. Once money is transferred to the hacker's bank account, it becomes extremely difficult to retrieve.
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