CEO Fraud- Attackers pose as the company CEO or any executive and send an email to employees in finance, requesting them to transfer money to the account they control. From 2016-2018, BEC alone made $5.3 billion, but it's not an attack that everyone is familiar with. Formerly dubbed as Man-in-the-Email scams, BEC attackers rely heavily on social engineering tactics to trick unsuspecting employees and executives. “One corporation was alerted to a bank transfer following an engineered call from their CEO, which was generated using machine-learning to recreate the call using the CEO’s voice,” says Patrick Tiernan, Aviva’s managing director of UK commercial lines. The Business Email Compromise (BEC) is a popular type of attack among cybercriminals as it targets businesses and individuals in an attempt to receive money transferred into fraudulent accounts. The Business Email Compromise (BEC) is a particular type of phishing attack in which cybercriminals impersonate a trusted contact or other party, either internal or external. Company leaders should avoid using free, web-based email services. BEC, also known as CEO impersonation, is defined as “a form of phishing attack where a cybercriminal impersonates an executive and attempts to get an employee, customer, or vendor to transfer funds or sensitive information to the phisher.” Business email compromise may involve either social engineering, malware or a combination of the two. Analysis and insights from hundreds of the brightest minds in the cybersecurity industry to help you prove compliance, grow business and stop threats. Business email compromise (BEC) is a type of phishing scheme in which an attacker impersonates a high-level executive and attempts to trick an employee or customer into transferring money or sensitive data. Tripwire reported that criminals do a lot of homework — and seek a variety of information — when targeting a victim, including: According to the Internet Crime Complaint Center (IC3), BEC complaints share some common characteristics. Attorney Impersonation- Attackers pretend to be a lawyer or someone from the law firm supposedly in charge of crucial and confidential matters. Data Theft – Employees under HR and bookkeeping are targeted to obtain personally identifiable information (PII) or tax statements of employees and executives. Understanding what a business email compromise attack looks like and its associated risks is the first step in safeguarding your business against this type of fraud. Business email compromise (BEC) is a low-cost cyber crime tactic that is becoming more common and more effective. Business Email Compromise (BEC) and Email Account Compromise (EAC) afflict businesses of all sizes across every industry. The FBI reported that from June 2016 to June 2019, companies reported $26.2B in losses. A Business Email Compromise (BEC) is a form of spear (targeted) phishing that aims to trick employees (generally in finance or HR) into transferring funds into a ‘new’ business bank account (belonging to the cybercriminal) or sharing sensitive information at the request of a cybercriminal impersonating a senior executive. In 2016, BEC attacks led to an average of US$140,000 in losses for companies globally. All rights reserved. BEC is a profitable crime due to the nature of the targeted attacks. Companies should also register as many domains as possible that are slightly different from the legitimate company domain to minimize the risk of email spoofing. Read the white paper: Adapt to new phishing threats and assess websites automatically. Business Email Compromise Attacks Surge in Q3 2020. By. Employee education is vital. In addition, fraudsters also carefully research and closely monitor their potential target victims and their organizations. Such data can be used for future attacks. Most importantly, employees should not reply to risky emails under any circumstances. According to the FBI's Internet Crime Report, BEC exploits were responsible for over $1.77 billion in losses in 2019. Finally, human resources (HR) teams should be aware that any job information posted on a company website can be used to facilitate targeting phishing scams, especially job descriptions, organizational charts and out-of-office details. 2020 trend Micro Incorporated impersonating lawyers and reaching out to potential victims to handle supposedly confidential time-sensitive... To exploit natural human tendencies unsuspecting employee, customer, or vendor transfer! Nature of the business day familiar with rise — and it ’ s perspective, security should! 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