Business email compromise (BEC) is a type of cyber attack that targets individuals and businesses that perform wire transfers, including banking customers. In a BEC scam, cybercriminals impersonate a trusted individual, such as a family member, business partner, or vendor, and trick the victim into transferring funds to a fraudulent account. The consequences of falling victim to a BEC scam can be significant, resulting in financial loss and damage to personal reputation.
Here are some examples of common BEC scams targeting banking customers and tips for remediation:
• Impersonation of a Known Contact: In this type of scam, a cybercriminal impersonates a known contact, such as a family member or business partner, and requests an urgent wire transfer due to a personal or business emergency. To prevent this type of scam, always verify requests for wire transfers by phone or in-person, using a known and trusted phone number.
• Invoice Scams: In this scam, a cybercriminal impersonates a vendor or supplier and sends an invoice for payment to a fraudulent account. To prevent invoice scams, verify all requests for payment by phone or in-person, using a known and trusted phone number.
• Phishing Emails: Phishing emails are often used to steal login credentials or deliver malware. To prevent phishing attacks, be wary of unsolicited emails that ask for personal or financial information, and never click on links or download attachments from unknown sources.
In addition to these best practices, here are some remediation steps to take if you suspect you’ve fallen victim to a BEC scam:
• Contact your bank immediately to report the fraudulent activity and request that they initiate a recall of the funds.
• Report the incident to law enforcement and file a complaint with the FBI’s Internet Crime Complaint Center (IC3).
• Change your passwords for any compromised accounts and enable multi-factor authentication to add an extra layer of security.
• Stay informed about the latest BEC scams and tactics used by cybercriminals to help you stay vigilant and protect yourself from future attacks.
BEC scams are a serious threat to banking customers, and it’s essential to take proactive steps to prevent attacks. By following best practices such as verifying requests for financial transactions, being cautious of online relationships, and staying informed about the latest scams, you can significantly reduce your risk of falling victim to a BEC scam. If you suspect you’ve been targeted, take immediate action to remediate the attack and prevent further damage.