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    Business Email Compromise Scam: Understanding the Threat and Protecting Your Business

    Business Email Compromise (BEC) scams are a growing threat to companies of all sizes. These scams are designed to trick businesses into transferring money or sensitive information to criminals, who then use that information for their own financial gain. BEC scams are sophisticated and often very convincing, making them a serious threat to businesses and their employees.

    What is a Business Email Compromise Scam?

    A Business Email Compromise scam is a type of cybercrime that targets businesses through email. The attacker typically gains access to an employee's email account and then sends emails that appear to be from a legitimate source, such as a CEO, supplier, or customer. The emails usually request a transfer of money or sensitive information, and the attackers use social engineering techniques to trick employees into complying.

    How to Protect Your Business from BEC Scams

    There are several steps that businesses can take to protect themselves from BEC scams:

    1. Educate employees: Provide regular training for employees to help them recognize BEC scams and understand how to respond. This can include information on how to spot suspicious emails, what to do if they receive a request for sensitive information, and what to do if they are unsure whether an email is legitimate.

    2. Use multi-factor authentication: Enable multi-factor authentication for email accounts and other critical systems. This can help prevent unauthorized access to email accounts and reduce the risk of BEC scams.

    3. Verify requests: If an employee receives a request for a transfer of funds or sensitive information, they should verify the request with a trusted source before taking any action.

    4. Monitor email accounts: Regularly monitor email accounts for signs of compromise, such as changes in the way email is being sent or received, or unusual requests for information or funds.

    5. Implement strong passwords: Encourage employees to use strong passwords and change them regularly. This can help prevent unauthorized access to email accounts and reduce the risk of BEC scams.

    Conclusion

    Business Email Compromise scams are a growing threat to businesses and their employees. It is important to be aware of the threat and to take steps to protect your business. By following these tips, you can reduce your risk of becoming a victim of a BEC scam and help keep your business and its sensitive information safe.

     

    If you have been a victim of a BEC scam or would like us to conduct a cyber security check of your computer network please don't hesitate in contacting us.