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Business Email Compromise Schemes: 5 Ways to Stay Safe From Them

Business Email Compromise Schemes: 5 Ways to Stay Safe From Them

Business email compromise schemes sound like something you’d never fall for. But it happens. A lot.

Business email compromise (or BEC) occurs when a scammer targets a business or individual In order to fraudulently transfer funds. The scammer grooms the victim via email, sophisticated social engineering, and pressure. This grooming process can continue over a couple of days or even weeks. The scammer eventually attempts to fool the victim into transferring funds into the wrong hands.

It’s happening to businesses, large and small. And there are no signs of it slowing down.

First, what is social engineering?

Social engineering is one of the keys to the success of these BEC schemes.

In order for many types of fraud to work, a type of deception known as social engineering is employed. The criminals have done their homework, and they know the ins and outs of your industry and even your particular business.

The BEC emails can look like they’re coming from a trusted business partner, a co-worker, or even the CEO of your company!

These BEC emails can have language that jives with your industry and work function. The images, names, and even email addresses may look genuine. Thus, if you’re in a hurry, multi-tasking, or otherwise preoccupied, you may be susceptible to a BEC scheme if it hits your inbox.

It can take a keen eye, patience, and a healthy dose of skepticism to stop BEC dead in its tracks.

 

Increased use of cryptocurrency in Business Email Compromise schemes

The FBI released a public service announcement