Protecting your Business from Email Compromise
Business Email Compromise (BEC) attacks have become a major security concern for businesses. BEC scams involve cybercriminals sending fraudulent emails to businesses in order to gain access to sensitive information such as financial account information and confidential records. In many cases, these emails appear to be from a trusted source, such as a customer, colleague, or vendor. The emails typically contain links to malicious sites that can be used to steal information or money from the business.
In 2019, the indicating that BEC attacks, while decreasing in sheer numbers, had caused a staggering $26 billion in losses worldwide over the period from June 2016 to July 2019. This suggests that cybercriminals are finding ways to leverage their techniques for increased efficiency and larger profits.
BEC attacks can range from highly sophisticated to relatively simple. The most common form of BEC scams uses social engineering tactics to scam the recipient into making wire transfers or releasing confidential information. In some cases, cybercriminals may create fake email addresses that appear to be from trusted sources and use this to send malicious phishing emails.
Small businesses and individuals alike should take precautions against BEC attacks. At U.S. Century Bank, we recognize the significance of educating our customers on the hazards of Business Email Compromise and strategies to safeguard against it. Below are some tactics to steer clear of these scams:
- Verify the authenticity of all emails, even from contacts you are familiar with. If you receive an email from someone asking for sensitive information, financial transactions, or other confidential data, it is critical to confirm its validity by making contact with the sender directly.
- Utilize complex passwords and two-factor authentication. This can help protect your accounts from unauthorized access and make it much harder for attackers to exploit any of your data.
- Update all software and operating systems to ensure the most current security patches are installed.
- Provide all employees with training on how to recognize questionable emails and the correct way to handle them.
- Establish a stringent policy on the management and reception of emails and remind staff not to open attachments or click links from unfamiliar senders.