Email has become an integral part of our lives, especially when it comes to business dealings. Unfortunately, with the growth of digital technology, cybercrime is also on the rise. One major threat that businesses need to be aware of is Business Email Compromise (BEC).
“Are you aware of the surging BEC attacks? With an 81% increase in 2022, it’s crucial to prioritize your attention. Shockingly, as high as 98% of employees overlook this threat. Don’t be part of the statistic, safeguard your business now.”
What is Business Email Compromise (BEC)?
Attention businesses and individuals! Watch out for Business Email Compromise (BEC) scams! Criminals use email fraud to specifically target those who perform wire transfer payments. Keep yourself and your finances safe by being aware and taking action.
Beware of scammers posing as influential executives or business associates! They often play their hand by sending emails to employees, customers, or vendors, with a request to transfer funds or make payments. Stay vigilant against these fraudulent schemes.
BEC scams are a costly threat to businesses and individuals, with the FBI reporting a staggering $2.4 billion in losses in 2021 alone. These scams can inflict severe financial damage and tarnish reputations, making it crucial to stay informed and vigilant.
How does BEC (Business Email Compromise) works?
Unleashing a BEC attack requires a high level of skill and attention to detail. These attacks are intricately crafted, making it hard to detect them. The perpetrator starts by studying the victim company and its staff, carefully gathering information about their operations, customers, suppliers, and business connections.
Beware! Scammers can easily access your personal information from online sources like LinkedIn, Facebook, and organization websites. With this information, they can create a fake email from a high-level executive or a business partner to deceive you. Stay alert and on guard!
Get ready to make a move when you receive an email that requests a payment or fund transfer. These types of emails usually stress the urgency and confidentiality of the matter at hand. Common reasons for these requests include enticing new business opportunities, making important vendor payments, or settling foreign tax payments. Take action quickly and securely to ensure a successful transaction.
Beware of urgent emails from unknown sources as they might be phishing attempts. Scammers use tactics like posing as trusted contacts and creating fake websites to trick you into thinking the email is legitimate. Stay cautious!
“Beware! Falling for this scam means losing your hard-earned money. The attacker will vanish with the funds, leaving you with devastating financial losses. Don’t be a victim.”
How to Defend Yourself Against Business Email Scams? A Guide
Don’t fall prey to BEC scams – take action now! Learn how you can protect yourself and your business from these pesky attacks.
Train Your Staff: Enhance Knowledge and Skills
Protect your organization from BEC scams by educating your employees. Equip them with the knowledge to spot and steer clear of these fraudulent tactics, such as fake websites, social engineering, and urgent requests. Don’t leave your company vulnerable to cybercrime – empower your team to stay vigilant and informed.
Training should also include email account security, including:
Checking their sent folder regularly for any strange messages
Using a strong email password with at least 12 characters
Changing their email password regularly
Storing their email password in a secure manner
Notifying an IT contact if they suspect a phishing email
Secure your Email with Authentication
Secure Your Organization with Email Authentication Protocols.
This includes:
Domain-based Message Authentication, Reporting, and Conformance (DMARC)
Sender Policy Framework (SPF)
DomainKeys Identified Mail (DKIM)
Say Goodbye to Email Spoofing with These Protocols! Not only do these protocols authenticate the sender’s email address, but they also protect your emails from ending up in the junk mail folder. Keep your inbox safe and secure with these easy-to-use measures.
Improve Payment Security with Verification Processes
Secure your organization’s finances by implementing payment verification processes, like two-factor authentication and confirmation from multiple parties. This guarantees the authenticity of all wire transfer requests and reduces the risk of fraud. Don’t leave it up to chance – have more than one set of eyes on every payment request.
Easily Monitor Your Finances with Transaction Check
Protect your organization’s finances by detecting irregularities like unexpected wire transfers or payment instruction changes. Ensure complete transparency by thoroughly reviewing all financial transactions.
Don’t let important tasks slip your mind – schedule them in! Set up a calendar reminder to review your financial transactions. Customize the schedule to fit your business needs and transaction volume. Stay on top of your finances without the worry of forgetting crucial tasks.
Craft your Response Plan for Optimal Results
Are you prepared for a Business Email Compromise (BEC) incident? Every organization needs a response plan that includes a smooth and effective reporting procedure, the ability to freeze any transfers, and quick notification of law enforcement. Prioritize security and safeguard your business from BEC.
Protect Yourself from Scams with Anti-Phishing Software
Protect Yourself and Your Business: Stop Fraudulent Emails in Their Tracks with Anti-Phishing Software Harnessing AI and Machine Learning.
AI is becoming a go-to tool for phishers, making it more crucial than ever for businesses to fortify their defenses. Protect your company with these simple yet effective measures.
Looking for Email Security Solutions? Let us Help!
Protect your business finances with our top-notch email security solutions. One click could drain your account – don’t take that risk. Contact us now to learn more.
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