This scam exploits a longstanding relationship with a supplier by asking for money to be transferred to an alternative, fraudulent account. By faking a supplier in Lithuania, cybercriminals using a supplier’s email address could steal more than $100 million over two years.
Based on the fraudulent e-mail information, the company (CS) updates the payment information of its suppliers, transmits new money transfer instructions to its financial institution and forwards payments to a criminal-controlled account. In this scenario, the criminal masquerades as a company executive and tricks the company’s employees into authorising fraudulent transfers to the account controlled by the criminals. Taking over the e-mail account of the employees and sending invoices to the supplier of the company, the money is transferred to the fake account.
In this scenario, the criminal provides fraudulent payment information in order to trick employees of the company into directing transfers to a criminally controlled account. In a BEC exploit, the attacker uses the identity of the company network to trick the target into transferring money to the attacker’s account. Commercial e-mail scams target companies that have a relationship with foreign suppliers and make transfers.
The FBI calls Business Email Compromise (BEC) a $2.6 billion fraud that affects thousands of businesses each year. These scammers use real or fake business email accounts to defraud employees. This article looks at examples of BEC attacks, the attacks that organizations cost money, time and reputation to help prevent the same mistakes.
Learn more about Business Email Compromise Attacks and Data Protection 101 in our series on the basics of information security. You will also learn from Tessian how to prevent BEC in organizations like industire. An attacker hacks into a company email account in a Business Email Compromise (BEC), pretends to be the true owner, and deceives the company, its customers, partners and employees by sending money or sensitive data through the account.
The man-in-the-middle attack is when two parties believe they are talking to each other, but in reality, the attacker listens and changes communication. By scanning corporate communications in advance, the attacker has a good idea of how the fraud scenario works. The attacker sifts through all available information about your company on your website, press releases and social media posts.
The attacker pretends to be an executive employee and targets the finance department. The transfer request coincides with the actual travel date of the executives, which makes them unusual. The email causes victims’ paychecks to be diverted to an account controlled by the fraudsters.
Domain spoofing uses slight variations of legitimate email addresses to deceive BEC victims. This increases the authenticity that the email comes from a trusted address. Business Email Compromise (BEC) is a type of fraud that targets companies that transfer money to suppliers.
Business E-Mail Compromise (BE) is a type of phishing scam in which the attacker falsely e-mails a compromised executive and manipulates the target to initiate a transfer or release sensitive information. Business E-Mail Compromise (BEC) is an intelligent e-mail scam aimed at company employees who send money transfers to their partners abroad. Publicly available e-mail accounts of executives and high-level employees involved in financial transactions involving wire transfers are forged, compromised by keyloggers or phishing attacks ; fraudulent wire transfers can result in lost – thousands of dollars – dollars.
Business E-Mail Compromise (BE) is aimed at people who make purchases or have other fiduciary responsibilities or handle sensitive corporate information. State, local, tribal and territorial governments (SLTT) are often targeted by scams that try to deceive victims by sending money, personally identifiable information (PII), tangible goods or modified direct deposit information. A BE scam starts with a phishing email aimed at gaining unauthorised access to a specific employee account.
Examples include invoice fraud, speed phishing and spoofing attacks, which aim to collect data or other criminal activity. These emails can use inaccurate terms, such as references to employees with full names or nicknames, lines indicating that the e-mail was generated by a mobile device to excuse errors and contain a sense of urgency or secrecy or language such as “surprise” to increase the likelihood that the recipient will follow the request. If the e-mail comes from a fake, compromised or fraudulent e-mail account, the fulfilment of the request could result in significant financial losses or data exposure.
V attacks are based on domain imitation and email spoofing techniques, but nowadays fraudsters are turning to more sophisticated methods of taking over accounts. Many high-profile BEC attacks target a company’s finance department by demanding payment of invoices or new accounts. In February 2016, cybercriminals launched a BEC attack on a social media company.
Business Email Compromise (BEC) is one of the most insidious and harmful online crimes. According to a new study, three times as many organizations have been defrauded as malware and more than twice as many as spear phishing. To help you stay one step ahead of this multibillion-dollar threat, we’ve put together a brief summary of what business email compromises are, how they work, and what you can do to protect your organization. A BEC attack on a social media company can lead to a breach of sensitive data, including social security numbers, tax information, salaries and employee health plans.
The attacks rely on imitation and other social engineering techniques to get people to interact on behalf of the attackers. Due to their purposeful nature and the use of social engineering, investigating and remedying BE attacks can be difficult and time-consuming. A BE attack starts with cybercriminals hacking or forging emails to impersonate your company’s boss, CEO or salesman.
BE attacks try to replicate the daily workflow of the victim and act faster than they think. The attachments used in these attacks often dispense with malware in exchange for fake invoices and other social engineering tactics to add conversation and legitimacy. BEB e-mails rely on subject lines that convey urgency and familiarity with the aim of prompt action.
Under general pretexts designed to deceive a large number of users, certain attacks can target individuals or small groups. Residents of C suites are favoured to be targeted, while staff can be tricked by tricks. BEC attacks are based on the ability to look beyond the company’s power to trusted external partners.
Create a company domain name and use it to create a company email account or set up a free web-based account. Create a policy to identify and report BECs that resemble phishing email scams.