EMAIL SCAMS BEC SCAM
Unlike other online scams, where the victim recognizes the attack, the perpetrator of a BEC scam (Business Email Compromise) can monitor your emails without having (yet) taken any malicious action.
At Tictac, we offer solutions to prevent and combat email fraud, ensuring the integrity of your business.
What is a BEC email scam?
A Business Email Compromise (BEC) scam is a type of cybercrime that does not focus solely on direct attack but relies primarily on monitoring and manipulation. Attackers silently monitor your email communications, waiting for the right moment to act.
Unlike traditional phishing attacks, BEC scams are highly targeted and sophisticated. They often involve extensive research into the victim organization and its personnel. These scams can lead to significant financial losses and damage to the company’s reputation.
Why do I need protection against Business Email Compromise (BEC) fraud?
Businesses increasingly depend on electronic communication and online transactions, making them targets for BEC fraud. Due to the high volume and increased sophistication of the attacks, public authorities find it challenging to tackle these sophisticated frauds.
Every company has access to many electronic services and accounts, constituting its digital identity. This digital identity is used to secure financial transactions, manage sensitive information, and facilitate daily business operations.
Unfortunately, many businesses fall victim to BEC fraud due to a lack of cybersecurity knowledge and precautions. At Tictac, we help companies protect themselves from these threats by providing the right solutions and training.
Types of BEC Fraud We Face Every Day
- CEO Fraud: Attacks where attackers impersonate high-ranking executives to authorize fraudulent money transfers.
- Account Hijacking: Cybercriminals gain access to employee email accounts and exploit opportunities for fraud.
- Fake Invoice Scams: Attackers impersonate suppliers and send counterfeit invoices for payment.
- Impersonating Lawyers: Scammers pretend to be lawyers or legal representatives and request urgent, confidential financial transactions.
- Data Theft: Instead of money, the goal is to steal sensitive data, such as employee tax information or customer records.
All of these forms of BEC scams fall into the broader category of cybercrime, where someone unknown impersonates someone to gain access to sensitive information or convince us to perform actions that result in financial loss.
The above BEC scams can lead to significant financial losses for victims.
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Techniques Used in BEC Scams
Phishing
Phishing is a common technique where attackers send deceptive emails to trick recipients into revealing login details or other sensitive information. These emails often come from trusted sources, such as partners or service providers.
Spoofing
Email spoofing involves falsifying the sender’s email address to make it appear that the email is coming from someone within the organization or a trusted external partner. This technique is often used in conjunction with phishing.
Social Engineering
Social engineering exploits human psychology to manipulate individuals into performing actions or revealing confidential information. BEC scammers use social engineering to build trust and create a sense of urgency, forcing victims to act quickly without complete verification.
How Do BEC Scams Work?
Step-by-Step Analysis
- Research: Attackers identify their target and collect information about the organization and its key personnel through social media, company websites, and other publicly available sources.
- Setup: They create a convincing email, often using spoofing or a compromised account, to impersonate a trusted agent within the organization.
- Execution: The fraudulent email is sent to the targeted employee, usually someone with financial power, requesting that they transfer money or provide sensitive information.
- Follow-up: Attackers may send follow-up emails to ensure the transaction is completed or cover their tracks, making it harder to detect fraud.
- Cashing Out: Once the money is transferred or the data is obtained, attackers quickly transfer the money to offshore accounts or use the information for further illegal activities.
How to recognize BEC scams?
Common Signs:
- Unexpected Requests: Be cautious of unsolicited requests for financial transactions or sensitive information, especially when a sense of urgency is involved.
- Email Address Differences: Check for slight variations in email addresses, such as misspellings in domains or unusual email endings.
- Unusual Language: Be aware of language that doesn’t match the sender’s usual communication style, such as grammatical errors or unusual expressions.
- Pressure for Quick Action: Scammers often create a sense of urgency to prevent victims from fully verifying the request.
We are Here to Help!
If you have noticed any of the above signs or have fallen victim to BEC fraud, the delay can be devastating.
The scammers are relentless, and their threats are real. Every passing moment could mean more damage and more data leaks. Don’t let the situation get worse.
Contact our team immediately to limit the impact and protect your interests. Don’t risk losing more – call us now for an urgent consultation and take control of the situation. Your safety is our top priority, and we’re here to support you with our experience and specialized knowledge.
