Business Email Compromise
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Protecting Your Business from Email Compromise Fraud
Understanding Business Email Compromise
New Threat: Business Email Compromise (BEC), also known as CEO or Chairman Fraud, poses significant risks, particularly for small and medium-sized businesses.
How BEC Works
Fraudulent Scheme: Fraudsters target businesses by sending deceptive emails to the payment department, often impersonating contractors or suppliers and requesting payment redirection to new accounts.
Impersonation Tactics: Fraudulent emails closely resemble legitimate addresses or are sent from compromised accounts, making detection challenging.
CEO Impersonation: In some cases, scammers impersonate CEOs, instructing payment department staff to set up beneficiaries and authorize payments, leading to financial losses when the fraud is discovered.
Preventing Business Email Compromise
Key Strategies: Implement proactive measures to safeguard against BEC fraud and mitigate potential financial losses.
- Verify Changes: Never implement payment changes based solely on email instructions; always verify changes through a two-step verification process.
- Two-Step Verification: Establish a two-step payment verification process where changes to bank details are confirmed via telephone or formal letter.
- Verify Email Addresses: Always scrutinize email addresses and avoid making assumptions about sender authenticity.