How to Protect Against BEC Attacks — Part 2: CEO Fraud

CEO Fraud is a common form of Business Email Compromise (BEC) attack that involves impersonating a CEO or other executive. To effectively impersonate an executive, attackers will often conduct research to gather information about the executive’s communication style, relationships, and ongoing projects.

In this type of attack, cybercriminals establish authority by pretending to be high-ranking executives within an organization, often ordering unsuspecting team members to transfer funds to fraudulent accounts under the convincing guise of a legitimate directive from a senior executive.

Here are some best practices for protecting against CEO Fraud:

User Training and Awareness. Your team members need to be familiar with the tactics used in executive impersonation attacks. Regular training sessions can help team members recognize suspicious emails and, when needed, work to verify the identity of the sender.

Multifactor Authentication (MFA). Implement MFA for email accounts to add an extra layer of security. Even if login credentials are compromised, MFA can prevent unauthorized access to email accounts.

Email Authentication Protocols. Use email authentication protocols such as DMARC (Domain-based Message Authentication, Reporting, and Conformance) to verify the authenticity of emails.

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Additionally, consult with cybersecurity experts like Tier 3 Technology to stay better informed. By combining these measures, you can significantly reduce the risk of falling victim to BEC attacks and continue to protect your organization’s financial assets.