Business email compromise bec is defined as
Business Email Compromise (BEC) is a type of cybercrime in which email accounts of executives, business owners, or other high-level employees are compromised, allowing attackers to send fraudulent emails to employees, vendors, or customers, tricking them into transferring money or sensitive information.
According to the FBI's Internet Crime Complaint Center (IC3), BEC is defined as:
"A sophisticated scam targeting businesses that work with foreign suppliers, vendors, or customers. The scam typically involves compromising legitimate business email accounts through phishing or other means, and then using those accounts to send fraudulent emails to employees, vendors, or customers. The goal is to trick the recipient into transferring money or sensitive information to the attacker's account."
Common tactics used in BEC scams include:
- Phishing: Attackers send emails that appear to be from a legitimate source, such as a CEO or CFO, asking employees to transfer money or sensitive information.
- Spoofing: Attackers create fake emails that appear to be from a legitimate source, but are actually from a fraudulent account.
- Whaling: Attackers target high-level executives or employees with access to sensitive information or financial systems.
- Social engineering: Attackers use psychological manipulation to trick employees into revealing sensitive information or performing certain actions.
BEC scams can result in significant financial losses for businesses, and can also compromise sensitive information and disrupt operations. To protect against BEC scams, businesses should implement robust email security measures, such as:
- Multi-factor authentication
- Regular security awareness training for employees
- Monitoring of email accounts and financial transactions
- Verification of requests for money transfers or sensitive information
- Use of secure communication channels, such as encrypted email or phone calls.