Unlike earlier forms of mass-mailed scams, BEC emails are highly targeted and are carried out by scammers very familiar with the finance workflow in small businesses to large enterprises.
This type of scam, also called CEO fraud, falls under the category of “whaling,” because scammers send spear-phishing emails to senior, usually C-level, executives. The scammer, often posing as the CFO or CEO of that organization, makes a thorough study of the targeted organization before emailing someone in the finance department who can clear the transfer of a large sum of money.
