Business email compromise (BEC), or CEO fraud, continues to be the bane of companies in 2016. BEC scams are low-tech financial fraud in which spoofed emails from CEOs are sent to financial staff to request large money transfers. While they require little expertise and skill, the financial rewards for the fraudsters can be high. An Austrian aerospace manufacturer recently fired its president and CFO after it lost almost US$50 million to BEC fraudsters.
In light of recent warnings from the FBI regarding BEC, we took an in-depth look at Symantec’s Email Security.cloud data to get a better understanding of the state of BEC fraud today.
So who’s being hit by these scams? And who are the people behind them? Here’s what we know:
Protecting against BEC
User education is the most effective means of protecting companies against BEC scams.
If you believe you have been a victim of BEC fraud, notify your financial institution and local law enforcement as soon as possible.