Business Email Compromise
Business email compromise (BEC)—also known as email account compromise (EAC)—is one of the most financially damaging online crimes. It exploits the fact that businesses use email to conduct business.
In a BEC scam, criminals send an email message that appears to come from a known source making a legitimate request, as shown.
In 2021, the FBI’s Internet Crime Complaint Center (IC3) received 19,954 Business Email Compromise (BEC)/ Email Account Compromise (EAC) complaints with adjusted losses at nearly $2.4 billion. BEC/EAC is a sophisticated scam targeting both businesses and individuals performing transfers of funds. The scam is frequently carried out when a subject compromises legitimate business email accounts through social engineering or computer intrusion techniques to conduct unauthorized transfers of funds.
As fraudsters have become more sophisticated and preventative measures have been put in place, the BEC/EAC scheme has continually evolved in kind. The scheme has evolved from simple hacking or spoofing of business and personal email accounts and a request to send wire payments to fraudulent bank accounts. These schemes historically involved compromised vendor emails, requests for W-2 information, targeting of the real estate sector, and fraudulent requests for large amounts of gift cards. Now, fraudsters are using virtual meeting platforms to hack emails and spoof business leaders’ credentials to initiate the fraudulent wire transfers. These fraudulent wire transfers are often immediately transferred to cryptocurrency wallets and quickly dispersed, making recovery efforts more difficult.
DropVault has built a platform that protects businesses from BEC fraud, as shown below. For more information, a demo, or to signup for DropVault BEC protection, click HERE.