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Business Email Compromise (BEC) Fraud
Business Email Compromise (BEC) fraud is a type of cybercrime where fraudsters gain access to a company’s email accounts, often through phishing or social engineering, to manipulate employees into transferring money or sensitive information. These attacks typically involve impersonating executives, vendors, or trusted partners to deceive victims into making unauthorized payments or sharing confidential data.
BEC fraud poses a significant threat to businesses of all sizes. Fraudsters exploit the trust and familiarity of business communications to execute their schemes. The financial impact of BEC can be substantial, often resulting in significant monetary losses and compromised sensitive information.
To combat BEC fraud, businesses must implement robust email security measures, employee training programs to recognize phishing attempts, and verification protocols for financial transactions to ensure legitimacy.