Over the past few years, Business Email Compromise has continued to impact US Business, and especially Small Businesses who have been impacted by lost funds via wire transfer fraud and loss of credibility.

The following things need to be in place

  • MultFactor Authentication
  • Email Security
  • An Alerting System if someone accesses your account or starts making suspicious rules.

Your Business is in DANGER from Business Email Compromise!

      Business email compromise (BEC) is a type of cybercrime where the scammer uses email to trick someone into sending money or divulging confidential company info. The culprit poses as a trusted figure, then asks for a fake bill to be paid or for sensitive data they can use in another scam.

BEC scams are on the rise due to increased remote work—there were nearly 20,000 BEC complaints to the FBI last year. Email is the starting point for 91% of cyberattacks. Dubbed by the FBI as the $26 billion scam, Business Email Compromise (BEC) attacks come with an average cost of $5 million per breach according to the 2021 IBM Cost of Data Breach Report.

 

If a business email compromise attack is successful, your organization could:

  • Lose hundreds of thousands of dollars and potentially go out of business.
  • Face widespread identity theft if personally identifiable information is stolen.
  • Accidentally leak confidential data like intellectual property.

As BEC schemes evolve, so do threat protection strategies. In fact, Microsoft blocked 32 billion email threats last year. To learn more, watch the video below. Then contact Impress IT Solutions to find out how we can help your business avoid BEC and mitigate the risks if it were to occur.

Learn more about Business Email Compromise.

 

How Do Business Email Compromise Scams Work?

 

In a BEC scam, the attacker poses as someone the recipient should trust—typically a colleague, boss, or vendor. The sender asks the recipient to make a wire transfer, divert payroll, change banking details for future payments and so on.

BEC attacks are difficult to detect because they don’t use malware or malicious URLs that can be analyzed with standard cyber defenses. Instead, BEC attacks rely on impersonation and other social engineering techniques to trick people interacting on the attacker’s behalf requiring a people-centric defense that can prevent, detect, and respond to a wide range of BEC techniques.

 

The FBI defines 5 major types of BEC scams:

Data Theft: Scammers may start by targeting the HR department and stealing company information. This makes it easier to carry out the BEC scam and makes it seem more believable.

False Invoice Scheme: Posing as a legitimate vendor, the scammer emails a fake bill closely resembling a real one. The account number may be a digit off. Or they may ask you to pay a different bank, claiming your bank is under audit.

CEO Fraud: Scammers spoof or hack into a CEO’s email account, then email employees instructions to make a purchase, wire transfer money or ask for a gift card purchase and request photos of serial numbers.

Lawyer Impersonation: Attackers gain unauthorized access to an email account at a law firm. Then they email clients an invoice or link to pay online. The email address is legitimate, but the bank account isn’t.

Account Compromise: Scammers use phishing or malware to get access to a finance employee’s email account, such as an accounts receivable manager. Then the scammer emails the company’s suppliers fake invoices that request payment to a fraudulent bank account.

 

 

FREE for a limited time…

We want to give you a FREE Cybersecurity Risk Assessment that gives you the ANSWERS YOU WANT and the CERTAINTY YOU NEED.

 

https://www.impresscomputers.tech/cyberaudit/

 

To learn more, watch the video below. Then contact Impress IT Solutions to find out how we can help your business avoid BEC and mitigate the risks if it were to occur.

Learn more about Business Email Compromise.

 

FREE for a limited time…

We want to give you a FREE Cybersecurity Risk Assessment that gives you the ANSWERS YOU WANT and the CERTAINTY YOU NEED.

 

https://www.impresscomputers.tech/cyberaudit/