![]() ![]() Why? They likely have access to conduct money transfers for an organization. Typically, an individual within a finance role will be the targeted victim. Someone poses as a company’s executive and instructs staff to make a wire transfer into the fraudulent account.There are several variations of BEC fraud to consider, but they all operate with similar tactics and targets: (“Exposed losses” includes both actual and attempted dollar losses.)” ![]() Why not look at a different target with much deeper pockets? In July 2018, the FBI released a report estimating “between December 2016 and May 2018 there was a 136% increase in identified global exposed losses due to the scam, to $12.53 billion. Phishing a consumer might net a few hundred to a couple thousand dollars at a time. ![]() Where do you want to spend your time when you’re working? You’ll likely say, “On things that will produce the best value for the effort. Let’s put ourselves in the shoes of a scammer. They prey on the fact most people will not question a company executive or a vendor making changes to their systems. This new type of scam is referred to as Business Email Compromise, or “BEC.” These emails use similar tactics to phishing but are much more targeted, and directed at a specific individual or a small group or individuals. Of course, you should never let your guard down on phishing and spoofing, but there’s a bigger shark in the water now one that impersonates important people within an organization. Just when you thought it was safe to go back in the water… Phishing gets serious.
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