How to Avoid Business Email Compromise Fraud?

 

It's difficult enough to keep a small business running and expanding without having to cope with unwanted attacks from online fraudsters. You want to concentrate on your customers and goals, but the threats remain – and email is a major battleground.

Business Email Compromise, or BEC, is becoming one of the most severe threats to email security. But what exactly is it? What are the most serious dangers? How do you go about combating them?

Let us go through this article and get the solutions to these questions one by one.

What is a Business Email Compromise?

Business Email Compromise is defined differently by different people. According to some experts, it encompasses a wide range of criminal schemes, such as password hacking and malware assaults. Others believe it is solely based on social engineering tactics, such as deceiving an actual person.

In other words, BEC or Business email compromise is a form of cyber-crime scam in which an attacker targets an organization to defraud it.

A business email compromise is a major and increasing issue that affects businesses of all sizes and industries all over the world. Organizations have been exposed to billions of dollars in potential damages as a result of BEC schemes.

However, what everyone agrees on is that individuals are the primary entry point. It's more than just a technological attack vs technological defense. People with access to sensitive information are the major targets, and there are a variety of techniques to fool them — which we'll discuss in the latter part.

What is the Process of Email Compromise?

A Business Email compromise attack will specifically target one or more workers. It’s essentially a target phishing scam in which the bad guys pose as high-level managers, legal representatives, CEO’s or other C-suit executives- typically someone an employee thinks they shouldn’t confront.

The most basic kind of attack is to establish an email address that is similar to the target company's domain name or just hack into the genuine one.

The email then dupes an employee into passing over personal data or carrying out a financial transaction, typically claiming that the action is "urgent" and cannot wait. They are intended to apply pressure and manipulate our emotions, such as fear and trust.

These frauds may be disastrous for both large and small enterprises. Small and medium-sized businesses are increasingly reliant on distant team members and contractors, as well as on regular yet infrequent suppliers. Not only is email the primary mode of communication, but the implicit trust between smaller teams and business networks may frequently lead to people acting without hesitation.

Can you spot a Business Email Compromise?

While there are no foolproof methods for identifying Business Email compromise assaults, there are certain typical warning signals that your staff should be aware of. Employees should always be wary when reading internal messages from top management because scammers rely on access to company information to create a sense of legitimacy. The following are common indicators of BEC attacks:

1.    Spelling and Grammatical Mistake:

Emails containing grammatical or spelling errors should always raise a red flag. Employees should be cautious of typos and poorly written missives, especially when dealing with demands for big financial transactions. While BEC scams are likely to be more sophisticated than traditional phishing attempts, their communications may nevertheless contain typos and grammatical errors that aid in the detection of fraud.

2.    Suspicious Email from Senior Management

Scammers get a psychological advantage over their victims by sending emails from C-suite accounts. When getting urgent orders from top management, staff should consider if it is unusual for a CEO or CFO to submit similar requests, especially if the requests include sensitive information or major financial transactions.

3.    Request to Bypass procedure

Most businesses, particularly those that deal with big, time-sensitive financial transactions, will have stringent security measures in place. Employees should be cautious of requests that require them to deviate from regular practice for any reason, regardless of who makes the request. Requests to skip protocol are typically the best indicator of an assault, and workers should always double-check the source of the communication before making similar requests. When in doubt, contact out in person to the C-suite executive who appears to be the sender of the communication to confirm.

 

Finally, businesses should educate their employees about business email compromises. Update your training courses to include the basics of BEC scams, how to recognize them, and processes for dealing with frauds found after the fact.

How you can guard against Business Email Compromise?

While there are no guarantees that workers will not fall victim to BEC scams, there are actions you can do to make your company safe. BECs rely on human errors and vulnerabilities, which may be avoided by dividing responsibilities for carrying out financial transactions among many persons. In this way, you are building levels of protection.

Furthermore, organizations may secure their assets by beefing up their mail security systems in the following ways:

Two Factor Authentication

Business Email Compromise often require access to a C-suite account, one method to assist avoid BECs is to ensure your executive accounts are adequately protected. Using two-factor authentication enhances security against fraudsters since it needs access to the account holder's device in addition to a set of login credentials. Using a unique dynamic PIN when accessing the account from fresh devices makes it less likely that fraudsters will gain access to executive accounts.

Anti-Spam Solutions

Anti-spam software can protect against more complex kinds of phishing, such as whaling and spear phishing, as well as ransomware attacks. However, keep in mind that typical anti-spam systems are programmed to detect forged emails with suspicious attachments, and they may struggle to detect emails sent straight from a hacked corporate account. Nonetheless, they are an important element for safeguarding your valuables.

Conclusion

People should be every company's most valuable asset. They might also be the weakest link in terms of company email security. That is why it is critical to not only maintain top-notch email security but also to be attentive to the growing number of dangers that may quickly enter your inbox and harm your organization.