Cyber-attacks and cyber-crimes are becoming increasingly
prominent in the news. They take on various forms such as computer
viruses, identity theft, illegitimate requests to confirm banking
information, invoices from fictitious suppliers, fraud and
misappropriation of funds, to name just a few.
One of the latest internet-based scams that merits close
scrutiny involves the impersonation of a chief executive and the
international transfer of funds. The FBI calls this
"Business E-Mail Compromise" (BEC).
While the scenarios involved in these crimes are varied and
sophisticated, there are certain essential elements common to this
kind of scam, including: a purportedly exceptional situation; the
urgent and highly confidential nature of a contemplated
transaction; the need for an immediate transfer of funds; and the
high degree of confidence seemingly held by the chief executive
toward a particular employee, who is "ordered" to
act.
