Guarding Against Fraud: Business Email Compromise
Submitted by Covi
Leadership Summary
Business Email Compromise (BEC) is a sophisticated, costly phishing attack that targets employees, 3rd-party contractors, and organizations, often causing millions in losses. Identifying a few “red flags” like a sudden sense of urgency, abnormal financial requests, or inconsistent grammar can help you recognize BEC attempts before they impact your organization.
Top Ways to Protect Against BEC
Strong cybersecurity habits—like multi-factor authentication, continuous vulnerability management, and anti-phishing and account takeover protection for your email system and cloud platforms—are essential in keeping both employees and the entire organization safe from BEC. Each one of these practices can help safeguard your people and prevent critical financial and reputational harm.
Cybercriminals have long exploited our reliance on email for business, and of all cyberattacks, Business Email Compromise stands out as one of the most financially devastating. According to the FBI's Internet Crime Report, over 21,000 incidents of BEC occurred in 2023, accounting for nearly $3 billion in losses—a figure that only continues to climb. This tactic is particularly damaging because it exploits natural trust and helpfulness, making detection difficult and fund recovery challenging.
BEC attacks are on the rise and becoming more sophisticated, so knowing the signs can help you avoid a costly mistake. Let's break down how it works, common red flags, and protective measures your organization can adopt.