These days, sophistication seems to be the secret behind the most effective cybercriminal schemes. And those behind business email compromise (BEC) scams are just some of the perpetrators raking in millions of cash. Targeting email users remains an effective way for cybercriminals to cripple organizations and lighten their coffers with very clever ruses. In 2018, BEC scammers amassed US $1.3 billion from their victims, according to the Federal Bureau of Investigation (FBI).
BEC attacks involve mimicking the victims’ executives or higher-ranking officials and trusted contacts from partner organizations and suppliers in emails to get them to part with corporate funds. In essence, the cybercriminals use effective social engineering tactics and each time make sure that: