Blog


← Back to BLOG

31
Aug
2018
Business Email Compromise (BEC) Scams

Business Email Compromise (BEC) Scams

Posted by navitend

Business Email Compromise (BEC) scams try to get a company’s employees to perform a function that can transfer money to a criminals account or send sensitive information to a criminal that can be used for crimes, such as identity theft. Scammers can convince business managers and employees to wire thousands of dollars to a bank in a foreign country where money will be quickly moved and never seen again. Many companies fall victim during tax season when scammers make a request for employee’s W-2 Forms pretending to be the CEO.

HOW DO BEC SCAMS WORK AND WHY ARE THEY SO SUCCESSFUL?

Attackers gain access to the CEO’s email where they study the company from within. They will then figure out how to attack for the best result. The money is then sent to accounts overseas that are disguised as fake businesses where the money is quickly pulled and unable to be returned. BEC scams have become so problematic, that the FBI has started to warn businesses about these attacks. The FBI’s total of damages from the reported attacks just surpassed three billion dollars. Companies that handle wire-transactions are the most common victims but are not the only victims reported.

DON’T FALL VICTIM

Here's how to avoid a BEC attack:

  • -Verify changes in payment instructions to vendors and suppliers.
  •  
  • -Maintain hard-copy files of vendor contact information for those who are authorized to approve changes in payment instructions.
  •  
  • -Train finance and HR team staff.
  •  
  • -Limit the number of employees within a business who have the authority to approve and/or conduct wire transfers.
  •  
  • -Use two-factor authentication methods.
  •  
  • -Use out-of-band authentication to verify wire-transfer requests that are seemingly coming from executives.
  •  

If you are asked to do something out of the ordinary, make sure you double or even triple-check before carrying out suspicious instructions, even if it comes from a senior ranking management official.

navitend can help you.  Call 973.448.0070 or setup an appointment today.  Book Now

Make your life easier …….

Contact us at 973.448.0070

CATEGORIES

TAGS

workplace working remotely working from home website voip training technology sophos solutions solution security scam risk remote user remote access remote policy policies phones phone phishing mobile mitigating risk microsoft 365 microsoft information technology information security information hipaa employee training email data security data dark web cybersecurity cybercriminals cyber security cyber insurance cyber attack cyber covid-19 coronavirus consulting compliance community communication cloud backup cloud business backup

Archives

Testimonials

  • "Thanks so much!  You are a class act!  
    You and your team have really done an excellent job on this!"

    Steve Van Ooteghem, The C12 Group in Houston, Texas

  • “Navitend’s expertise helped our firm over the past year to effectively elevate our I.T. game, powering our website into a highly interactive tool. Well done to Frank and his team!”  

    Chuck Steege, CFP®, CEP, President, SFG Wealth Planning Services, Inc.

  • "Thanks so much again for taking care of everything in such an expedient manner. It's a pleasure to work with navitend and its staff as always!"

    Lawrence Wolfin / Textol Systems, Inc.

  • "navitend has been a great IT partner for our company.  Their helpdesk response time is the best I have experienced in my 30 year career.  navitend has helped me to have great IT services without the need to have a full time, in house, technician at significant savings to our company."

    Bob Bradley, President, Bradley Graphics

  • "We've dedicated our lives to growing our retail and ecommerce business and it's a relief to have found a company like navitend who treats our business likes it's their own. navitend's personal approach to project management and problem solving are top-notch."

    Stamatis, Co-owner Twisted Lily, Fragrance Boutique and Apothecary

  • "I appreciate that they didn’t just build the application. They made it better by bringing ideas to the table that not only made for a better user experience, but also kept the development costs down."

    Andy Lynch / North Star Marketing

  • "Our company is more efficient and has grown as a result of navitend’s work. navitend helped us get to the next level."

    Greg Niccolai / Madison Insurance

  • navitend’s approach to customer service is greatly appreciated here.  Ensuring that we are well protected from a technology standpoint provides us with peace of mind to continue our day to day operations and that they are looking out for our company's best interest. 

    Debbie

  • "I look forward to working with you again in the future. Once again, thanks to your organization for your prompt response."

    Luke Wolters / Luke Wolters Tax Consultants