No, This Email is Not from your CEO. It's a BEC ScamOver the course of the past few years, we have seen a surge in ransomware attacks and data breaches in large corporations in the news, and have received the occasional phishing email. As the public becomes more aware of how to stop cyber-crime, cyber criminals need to adjust their tactics into tricking their victims.
Business Email Compromise better known as BEC was a lesser known scam when it came about in 2013. However as reported by the FBI, BEC scams have accounted for a global loss of $12 billion to companies as of 2018.
What is Business Email Compromise?BEC is a fraud scam that targets both small and large businesses who conduct a lot of online transactions, wire transfers, and have vendors and suppliers overseas. Cyber criminals can access publicly email addresses of executives and employees involved in financial transactions and spoof their email account to instruct another member of the company to initiate a large transfer of funds, via wire, fraudulently to an overseas location resulting in the loss of hundreds of thousands of dollars.
According to the FBI there are 5 types of BEC scams which you can learn more about here.
How to detect a BEC EmailWhile it might be difficult to spot a BEC email, we can offer you some indicators for spotting a fraudulent email include:
How Can you Prevent your company and Employees from Falling Victim to a BEC Scam?
If you are using Xeams, ensure you are using the most up to date version. You can view the full version history here. If you are not using Xeams and are worried your business or employees are susceptible to spoofed emails, BEC scams or any harmful spam emails licenses for Xeams start at just $20 per year. You can start a 30-day free trial here.
If you suspect that you have been targeted by a BEC email, report the incident immediately to law enforcement or file a complaint with the IC3.
For more information about Xeams and keeping suspicious emails out of your inbox, contact our support team today via: