Business email compromise (BEC) campaigns have become a serious business for fraudsters - and companies need to train their employees how to respond.
Just how large a threat are BECs? The FBI Internet Complaint Center (IC3) reported last summer that from October 2013 to May 2018, total losses worldwide for known BEC scams hit $12.5 billion.
Companies are starting to take note by including training on BECs in their security awareness programs. While BECs are typically social engineering crimes in which bad threat actors trick people either via phishing emails, phone or a combination of both to make wire transfers or hand over sensitive documents, there are some situations in which technology can help.
Here are some key insights into BECs and how to prepare for them – and how to respond if one of your users falls for one and you get attacked.