Business email compromise (BEC) is a type of phishing scheme in which an attacker impersonates a high-level executive and attempts to trick an employee or customer into transferring money or sensitive data. This crime is particularly stealthy because it employs social engineering techniques to manipulate users.
BEC is on the rise — and it’s often difficult to prevent because it’s so targeted. So, what do you need to watch out for?
A Sneaky Social Engineering Scam
According to the FBI’s 2017 Internet Crime Report, BEC and email account compromise (EAC) represented the highest reported losses — costing 15,690 victims more than $676 million. BEC often subverts detection because the transaction appears legitimate from the company’s perspective.