What is Business Email Compromise (BEC) and How to Fight It?

Email is essential for business today, but as technology advances, so does cybercrime. One major threat businesses face is Business Email Compromise (BEC).

Did you know BEC attacks rose by 81% in 2022? Surprisingly, up to 98% of employees miss this threat. Protect your business by staying alert.

What is Business Email Compromise (BEC)?

Both businesses and individuals need to watch for BEC scams. Criminals use email fraud to target those handling wire transfers. Stay alert and protect your finances.

Beware of scammers posing as influential executives or business associates! They often play their hand by sending emails to employees, customers, or vendors, with a request to transfer funds or make payments. Stay vigilant against these fraudulent schemes.

BEC scams are expensive for both businesses and individuals. The FBI reported $2.4 billion in losses in 2021. These scams can cause financial harm and damage reputations, so staying informed is important.

How does BEC (Business Email Compromise) works?

BEC attacks are carefully planned. Attackers research the company and its staff, learning about operations, customers, suppliers, and contacts. This makes these scams difficult to detect.

Scammers can find your personal information on sites like LinkedIn, Facebook, and company websites. They use this to create fake emails from executives or business partners to trick you. Stay alert.

Be cautious if you receive an email asking for a payment or fund transfer.

These emails often claim the request is urgent and confidential. They may mention new business opportunities, vendor payments, or foreign tax payments. Always verify before acting.

Be cautious with urgent emails from unknown senders, as they may be phishing attempts.

Scammers might pose as trusted contacts or make fake websites to make their emails seem real. Stay cautious.

If you fall for this scam, you could lose your money, and the attacker will disappear with the funds. Protect yourself from financial loss.

How to Defend Yourself Against Business Email Scams? A Guide

Take steps to protect yourself and your business from BEC scams. Here’s how you can stay safe.

Train Your Staff: Enhance Knowledge and Skills

Educate your employees to help protect your organization from BEC scams. Teach them how to spot fake websites, social engineering, and urgent requests. Keeping your team informed helps prevent cybercrime.

Training should also include email account security, including:

1. Checking their sent folder regularly for any strange messages

2. Using a strong email password with at least 12 characters

3. Changing their email password regularly

4. Storing their email password in a secure manner

5. Notifying an IT contact if they suspect a phishing email

Secure your Email with Authentication

Use email authentication protocols to help secure your organization.

This includes:

1. Domain-based Message Authentication, Reporting, and Conformance (DMARC)

2. Sender Policy Framework (SPF)

3. DomainKeys Identified Mail (DKIM)

These protocols help prevent email spoofing.

These protocols verify the sender’s email address and help keep your emails out of the junk folder. Using them helps keep your inbox safe.

Improve Payment Security with Verification Processes

Protect your organization’s finances by using payment verification steps, such as two-factor authentication and getting confirmation from more than one person. This helps ensure wire transfer requests are real and reduces fraud risk.

Easily Monitor Your Finances with Transaction Check

Look out for unusual wire transfers or changes in payment instructions. Review all financial transactions carefully to keep your organization’s finances safe.

Set reminders to review your financial transactions. Adjust how often you check based on your business needs and transaction volume. This helps you manage your finances well.

Craft your Response Plan for Optimal Results

Is your organization ready for a BEC incident? Every business should have a response plan with clear reporting steps, the ability to freeze transfers, and quick contact with law enforcement. Make security a priority.

Protect Yourself from Scams with Anti-Phishing Software

Use anti-phishing software with AI and machine learning to help stop fraudulent emails and protect your business.

Phishers are now using AI, so it’s more important than ever for businesses to strengthen their defenses. Use these simple steps to help protect your company.

Looking for Email Security Solutions? Let us Help!

Protect your business finances with our email security solutions. Even one click can put your account at risk. Contact us to learn more.