Business Email Compromise: 5 ways this fraud could happen and what can be done to prevent it
Millions of dollars and loads of personal information is being stolen through a growing threat known as Business Email Compromise (BEC).
TechRepublic’s Karen Roby talked with Stephen Boyer of BitSight about Business Email Compromise (BEC) and what to do if a person falls victim. The following is an edited transcript of their interview.
Stephen Boyer: Business Email Compromise is really a sophisticated scam that targets businesses and individuals for a transfer of funds. So think of anyone who might be able to transfer funds in and out of a bank account, attackers will target them with a scam to get them to move money from the account of the business or the individual to the account of the attacker. But it’s not just about funds; it could also be for stealing personal identifiable information that can be used in some other sort of scam.
Karen Roby: When you’re talking about a company, whether it’s a small business up to a huge company, you could be talking about a lot of money that someone is inadvertently transferring to a criminal.
Stephen Boyer: The threat can be massive. Actually, just last week, Nikkei, which is Japan’s largest financial media company, announced that they had transferred 3.2 billion yen, which is a lot of yen, it’s still a lot of dollars, about $29 million through one of these schemes. It can impact large organizations, global organizations, down to small. Also, just last week, a small town in Florida announced that they had fallen victim to one of these scams. A fraudster posed as a…