News & Content: Member Blog

Business Email Compromise: Is This A Scam Email?

Monday, September 16, 2019   (0 Comments)
Posted by: Gary Hotze
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Holly Johnson, Marketing Campaign Manager, SWC Technology Partners


Earlier this year, the FBI released its 2018 Internet Crime Complaint Center Report (IC3) which reports on the types of cybercrime being reported to the agency and trending threats individuals and businesses are facing. Last year, the IC3 responded to an average of over 900 complaints a day and observed and estimated $2.7 billion in financial losses as a result of reported cybercrime. These numbers have increased dramatically since the FBI began tracking them in 2014 and are only expected to rise.

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Of this astounding financial loss total in 2018, 48% was directly due to specifically to Business Email Compromise (BEC).

BEC is a type of cyber-attack in which the attacker creates or gains access to a business email account and imitates the owner’s identity in order to defraud the company and its employees, customers or partners. The success of these attacks rely on the assumed trust between the victim and their false email account.
BEC attacks have become sophisticated, well-organized campaigns often consisting of multi-national criminal organizations made up of hackers, social engineers, linguists and even lawyers and financial professionals. Most usually, scammers will focus their efforts on the employees with access to company finances and attempt to trick them into performing wire transfers to bank accounts thought to be trusted, when in reality the money ends up in accounts owned by the criminals.
Businesses may not be able to remain 100% free of BEC attempted attacks, but there are several things they can do to improve processes to ensure data exposure is minimized and lower their risk of financial loss. Read the full blog post to learn more about identifying BEC attacks and and reducing the risk of them happening to your organization.  
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