Business Email Compromise: Most Common Online Scam?

More and more small and medium enterprises are being affected by business e-mail compromise, according to a webinar, conducted by the PHD Chamber of Commerce and Industry.

Business Email Compromise also known as BEC is a security exploit in which the threat actor obtains access to a corporate email account having links to company funds and then attempts to defraud the company or the employees by spoofing the targeted employee’s identity. The attackers manipulate the target to transfer money into a bank account that belongs to them.

In the year 2019, BEC scams have amounted for losses of more than $1.77 billion, as per the FBI’s Internet Crime Report. Businesses are being warned as BEC exploits surge due to the ongoing pandemic; companies that rely primarily on wire transfers to transfer money to international customers are the most common target of BEC.

An infected email network can cause a significant amount of damage to a company’s interests, therefore safeguarding an enterprise is crucial – along with empowering employees, it will also shield business interests and longevity.

While giving insights on the subject matter, deputy commissioner of police (cyber) Anyesh Roy said, “The fraudsters do compromise with the email account of the person who is dealing with the company accounts and financial transactions. They create an email account that is similar to either company’s or client’s account. They come in the middle and start interacting with both the parties. They change the destination of financial transactions on some pretext, following which the money goes to the fraudsters’ account.”

“Whatever an instruction has been received from the client about changing the destination of banking account, it needs to be confirmed through alternate means, including phone call, e-mail, and other.”

“Cyber-crime is like any other crime and one can report it anywhere at any police station or DCP office. The complaint can be registered through e-mail also. Cyber-crimes are happening through digital medium and the evidences can easily be destroyed so the victim needs to capture it as a screenshot and give it to police with their complaint,” the officer added.