what is Business Email Compromise(BEC)? email compromise (BEC) is a type of email cyber crime scam in which an attacker targets businesses to defraud the company. Business email compromise is a large and growing problem that targets organizations of all sizes across every industry around the world. BEC scams have exposed organizations to billions of dollars in potential losses.
How people use Business Email Compromise to defraud people?
A BEC scam, criminals send an email message that appears to come from a known source making a legitimate request.like in these examples:
1.A vendor your company regularly deals with sends an invoice with an updated mailing address.
2.A company CEO asks her assistant to purchase dozens of gift cards to send out as employee rewards. She asks for the serial numbers so she can email them out right away.
2.A homebuyer receives a message from his title company with instructions on how to wire his down payment
BECs are now a worldwide phenomenon, with networked online gangs springing up everywhere from the U.S. to Russia to Brazil. But while the scam’s origins are unclear, the cybersecurity industry broadly assumes it began in Nigeria, because many perpetrators have been traced there. A lot of the same concepts that go into these BEC attacks, criminals and scammers in West Africa have been doing for decades at this point.According to reports,those were all individually targeted social engineering attackz and essentially what happened was, around 2015, cybercriminals started seeing that they could make more money targeting businesses than they could targeting individuals.
Reported Cybercrimes are rarely investigated and prosecuted byt they create huge losses to organisations.
Where BECs Come From:
This is one of the reasons people from certain geographical areas face certain prejudices and are more likely not to be trusted by other people.
Always be careful of the type of informations you put online. Don't open any link and carefully examine email address and if possible,make necessary follow ups and gather more information about any request.
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