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Business Email Compromise (BEC) is an increasingly common scam targeting companies and individuals who perform financial fund transfers.
These complex attacks work by threat actors hacking into corporate e-mail accounts and using the information to trick third-parties into making fraudulent wire transfers, with a heavy reliance on social engineering to convince somebody to hit send. This type of cybercrime can sometimes pay off better than ransomware-related compromise events, with the FBI reporting this type of attack costing organizations an estimated $1.77 billion in losses in 2019.
Luckily, these types of attacks are typically easy to spot early on. Here are a few warning signs you should be aware of that would tip you off.
About Schneider Downs Cybersecurity
The Schneider Downs cybersecurity practice consists of experts offering a comprehensive set of information technology security services, including penetration testing, intrusion prevention/detection review, ransomware security, vulnerability assessments and a robust digital forensics and incident response team. For more information, visit www.schneiderdowns.com/cybersecurity or contact the team at [email protected].
If you suspect or are experiencing a network incident, our Incident Response Team is available 24x7x365 at 1-800-993-8937.
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