Business email fraud is accelerating, with attacks becoming much more sophisticated and successful. In its 2022 Internet Crime Report, the FBI cited more than 21,000 business email compromise (BEC) complaints, equivalent to adjusted losses of over $2.7 billion. While ransomware attacks are “noisy” and call a great deal of attention to themselves, BEC attacks are more subtle.
BEC is a confidence game designed around trust and human nature. Bad actors use widely available tools to improve the scale, plausibility, and success rate of malicious emails. This makes BEC attacks hard to fight. Instead of malware attacks exploiting unpatched devices, perpetrators rely on social engineering to get user credentials, financial information, or even con victims into transferring money. Defending against this line of attack takes a combination of technology and human awareness. Here’s what to watch out for, along with steps you can take now to help defend your enterprise.
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