Business Email Compromise (BEC) is business targeted scam that led to $132 million dollars in loss in 2019 alone, according to the ACCC’s Targeting Scams report. “These combined losses from the ACCC, other government agencies and the big four banks show how financially harmful these scams can be,” ACCC Deputy Chair Mick Keogh said.
Just about everyone has seen this scam before. An email which fraudulently impersonates a senior colleague requesting an urgent electronic funds transfer or approving a payment. They often come from what seems to be their correct email address and rely on social engineering to convince the victim. These scams take a great deal of research to find the right person within a business to target, and the ideal time to get away with the impersonation.
As these types of emails and scams rarely include malicious links, they can be difficult of your spam filters to detect. As such, it is important to have strong processes in place for verifying and paying accounts. Verify the identity of the person requesting the transfer as well as the vendor. It is also best practice to make sure your antivirus software is up to date and run properly.
If you have any questions about Business Email Compromise and how Rule Technology can help protect you please email CyberSecurity@ruletech.com.au
