BEC is one of the most common attacks faced by organizations across the globe and if left unchecked, these can sabotage both the working and financial credentials of companies quite severely.
Counted among the most harmful and financially damaging crimes in the online space, business email compromise (BEC) is also known by the name email account compromise (EAC). Targeted primarily at companies doing wire transfers or having suppliers overseas, the attackers exploit the popularity of emails used by businesses for communication purposes.
In BEC scams, users get an email message that seems to be from a well-known source such as their suppliers or partners. The message features a genuine request to users such as updating the communication address, acknowledging the delivery schedule, or sending the financial invoice. The BEC can take other forms too. For example, you might receive a communication from the company’s CEO asking for employee ID for delivering gift cards as a part of the Diwali bonus. As a home buyer, you might receive a link from the real estate company on how to make a down payment. All these are just a few versions that victims of the BEC had received in the past and once they clicked on the link, it led to an irreparable loss for organizations.
According to the Federal Bureau of Investigation (FBI), the total losses from BEC scams globally have surpassed $43 billion with the number including both attempted and actual losses reported between June 2016…
