Business Email Compromise or BEC are complex systems designed to trick users into logging into fake cloud based email sites where cyber criminals steal their credentials and then request or misdirect funds. Though most cloud based email systems have have features that will block BEC’s, these have to be configured manually. Some features of advanced protection are available for an additional fee. Medium sized and small business with few resources seem to bear the brunt of the financial losses.
As businesses have moved from local systems to cloud based systems, criminals have devised schemes to compromise these systems causing losses according to the FBI in a report filed April 6, 2020, in excess of 2 billion dollars.
There are several variants of BEC, but they all basically focus on stealing credentials. Once email providers are identified by phishing kits, criminals scan the legitimate email accounts they now have access to and look for financial transactions. They then change passwords on these legitimate accounts, delete the alert messages generated by the changes to the accounts, and even add forwarding information.
The FBI recommends that users:
- Enable Two Factor Authentication for their email accounts
- Educate employees about phishing schemes
- Verify all bank transactions and payments by legitimate phone numbers or in person
Read the FBI alert
If you have been a victim of a BEC, file a report with the FBI.
