Business Email Compromise (BEC): The Silent Threat Costing Businesses Millions

What is Business Email Compromise (BEC)?

Business Email Compromise is a sophisticated scam where cybercriminals impersonate company executives, employees, or vendors to manipulate staff into transferring money or sharing confidential data.

How the Scam Works

1. Email Spoofing or Hacking – Attackers either spoof an email address (making it look like it’s from a trusted person) or gain access to a real email account.

2. Urgent Request for Payment – The scammer, posing as an executive or vendor, emails an employee asking for a wire transfer or payment.

3. Social Engineering – Attackers create a sense of urgency, claiming a payment must be made immediately to avoid serious consequences.

4. Funds Transferred to Criminals – Once the payment is made, recovering the money is extremely difficult.

Red Flags to Watch For

• Unexpected payment requests from executives or vendors.

• Urgent or time-sensitive emails pressuring employees to act fast.

• Changes in payment instructions, such as a new bank account.

• Reply-to email mismatch, where the sender’s name looks legitimate, but the email address differs.

How to Protect Your Business

✅ Verify payment requests by calling the sender directly using a known phone number.
✅ Enable multi-factor authentication (MFA) to prevent email account takeovers.
✅ Educate employees about BEC scams through security awareness training.
✅ Implement payment approval policies requiring multiple approvals for large transactions.

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