Being conned is, unfortunately, nothing new. BEC (Business Email Compromise) is an established technique used by fraudsters where C-level execs or suppliers are impersonated, by email, in a bid to trick the recipient into wiring funds to a bank account under the fraudster’s control.
It's also called ‘Pretexting’, as its success is based on creating a fabricated story, or pretext, to gain a victim’s trust and manipulate them into sharing sensitive information.
It may seem far-fetched or even silly, but it costs businesses eight times more than ransomware attacks and now accounts for a quarter of all cybercrime losses for a company.
And now, with the emergence of AI technology, the fraud is becoming increasingly sophisticated and successful.
But, it can be stopped. In this new whitepaper, produced in partnership with Trend Micro, we delve into:
- how fraudsters target victims
- what executives can do to protect team members
- how your company can be more vigilant
- how corporate culture can be modified to thwart such attacks