Don't Be The Next Victim Of A BEC Scam

Businesses are increasingly defrauded through common scams known as business email compromise scams (BEC scams) for which they do not have insurance to cover the resulting losses. Fortunately, there are easy-to-implement strategies to minimize the risk of falling victim to this fraud before it's too late.

BEC scams typically unfold in the following way:

• A fraudster compromises an email account of one of two parties involved in a commercial transaction (often through phishing, credential stuffing or malware). Through this compromise they learn about an upcoming payment due by one party to the other.
• The fraudster may use their access to the payee email account to impersonate the payee, providing fraudulent payment instructions to the payor (i.e. instructing the payor to send the payment to a different bank account).