What is a Business Email Compromise (BEC) Scam?

The first step in a BEC scam is a phishing email that is targeted to the victim. The email will contain a message that is designed to elicit an emotional response from the victim. After the victim clicks on the link, they are taken to a website where they are prompted for their credentials. Once the credentials have been entered, their information is sent to the attacker and can be used for fraudulent purposes.

Business Email Compromise scams are becoming more prevalent as hackers use more sophisticated methods of attack.

How to Prevent Your Employees from Falling Victim to BEC Scams

Email security and office safety are important to keep employees safe.

We cannot underestimate the power of email and how it has become a preferred way for hackers to attack businesses. There are many things you can do to protect your company from phishing scams, but the most important thing is to educate your employees about what they should watch out for.

5 Smart Ways to Prevent a Business Email Compromise Scam

1. Be aware of common Business Email Compromise Scam

The Business Email Compromise scam is a type of phishing scam that targets businesses, especially those with a high volume of outgoing email. The scam begins by the attacker gaining access to an employee’s email account, either through social engineering or malware. They then send out emails to other employees and vendors requesting money transfers and wire transfers, often with a false sense of urgency.

2. Train employees to recognize BEC attacks

The provision of adequate cybersecurity training to employees is a critical step in protecting organizations from BEC. Employees should be aware of the risks and consequences of these attacks, as well as how to respond in the event of an incident. A solid understanding of cybersecurity best practices can instill a sense of accountability throughout the organization.

3. Culture of compliance

Training alone will not prevent BEC. Scams are constantly evolving, making it difficult to spot red flags. As a result, training and compliance are inextricably linked.

BEC attacks typically target mid-level employees who rarely communicate with the executives, attorneys, or vendors ostensibly behind a transaction request. As a result, employees may be hesitant to approach the requestor in person to authenticate the transaction.

An effective compliance culture provides employees with the protocols they need to confidently follow up. BEC criminals’ attacks are more likely to fail if they lack the internal isolation on which they rely.

4. Build a defense with technical controls

Despite its psychological manipulation, BEC is not necessarily technically sophisticated. The majority of BEC attacks begin with spear phishing or spoofing an internal email account. IT controls such as application-based multi-factor authentication (MFA) and virtual private networks can help to prevent or detect them (VPNs).

Another effective anti-BEC strategy is to use encryption to authenticate emails and allow users to exchange data in a secure manner. Encryption software converts data into code for transmission over a network. Without a ‘public key’ to decrypt the data, the transmission is unintelligible.

5. Do not open attachments that you are not expecting

The email attachments of viruses can infect your computer and steal your personal information.

The most common way that a virus is sent to you is through an email attachment. A virus can be disguised as any type of file, so it is important that you know what to do when you get an attachment in your inbox.

You should never open attachments from someone that you are not expecting, or if the sender has been recently added to your contact list. You should also be cautious about opening attachments from people who have been sending out spam emails in the past.

What are the Dangers of a BEC Scam & Why Do They Happen?

Email compromises are one of the most common hacking methods. They happen when an email is hacked and the hacker will send a message to a list of people from that email account.

The dangers of a BEC scam are that it can give hackers access to your bank account, your work email, and more. It is also hard to identify these scams because they come in the form of an email that looks like it is coming from someone you know and trust.

Conclusion: How to Stay Safe from BEC Scams & Other Cyber Threats

The conclusion of this article is that we should not be afraid to use the internet. We just need to be aware of the potential threats and stay alert.

The Gallop Technology Group is offering a complimentary assessment of your entire technology infrastructure and provide you with a custom solution to make your life easier and your technology secure, so you may focus on your business.

Call us at 480-614-4227 today or use the button below.