Business Email Compromise (BEC) is a sophisticated scam that targets both businesses and individuals who perform legitimate transfer-of-funds requests. This type of cybercrime is often carried out by compromising legitimate business email accounts through social engineering or computer intrusion techniques to conduct unauthorized transfers of funds.
What is Business Email Compromise? Business Email Compromise is a form of cyber attack where the attacker gains access to a business email account and imitates the owner’s identity to defraud the company and its partners, customers, or employees. The primary goal of BEC attacks is financial gain, and they often involve tricking employees into transferring money to the attacker’s account or divulging sensitive information.
How Does Business Email Compromise Work?
BEC attacks typically begin with the attacker gaining access to a legitimate business email account. This can be achieved through various methods, such as phishing, malware, or social engineering. Once the attacker has control of the email account, they monitor the communication patterns and gather information about the company’s operations, financial transactions, and key personnel.
After gathering sufficient information, the attacker will craft a convincing email that appears to come from a trusted source within the organization. This email will often request an urgent transfer of funds, change in payment details, or sensitive information. The recipient, believing the request to be legitimate, complies, and the attacker successfully defrauds the company.
Types of Business Email Compromise Attacks
There are several types of BEC attacks, each with its own specific approach. One common type is the CEO fraud, where the attacker impersonates the CEO or another high-ranking executive and requests an urgent transfer of funds. Another type is the account compromise, where the attacker gains access to an employee’s email account and uses it to request payments from vendors or partners.
Another prevalent form of BEC is the lawyer impersonation, where the attacker pretends to be a lawyer or legal representative and requests sensitive information or urgent payments related to legal matters. Additionally, data theft is a type of BEC attack where the attacker targets HR or finance departments to steal personally identifiable information (PII) or tax statements for future fraudulent activities.
In conclusion, Business Email Compromise is a serious threat to businesses of all sizes. By understanding how these attacks work and the different forms they can take, organizations can better prepare and protect themselves from falling victim to such scams. Implementing robust security measures, employee training, and vigilance can significantly reduce the risk of BEC attacks.