Business Email Compromise
With cybercrime on the rise and becoming increasingly more sophisticated, the likelihood a business will encounter a fraudulent attack is nearly 100%.
One type of cyberattack, business email compromise (BEC), can be particularly damaging to your business. This sophisticated scam occurs when legitimate business e-mail accounts are compromised so that cybercriminals can conduct unauthorized transactions. And the culprits may be lurking behind your computer screen—invisible to you.
The Risks and Consequences of Business Email Compromise
According to FBI statistics, BEC attacks increased by 100% between May 2018 and July 2019. And, during the last three years, BEC has resulted in $26.2 billion worth of business losses.
Here’s why such attacks can be particularly destructive to businesses like yours.
Attackers use a compromised email account to insert themselves into negotiations for the purchase of goods. Impersonating customers, attackers request a quotation for products by using the legitimate business’s compromised email account. Attackers can send and receive email from this account without alerting the victim—approving price quotes and forwarding altered PDF purchase order documents while remaining unseen to the victim. Obviously, this has a financial impact on resellers and customers, who end up responsible for the cost of the fraudulent orders if the supplier can’t absorb the cost.
The Best Way to Decrease Your Risk of Fraud
To avoid becoming a victim of such an attack, it’s important for you and everyone on your team to know the warning signs.
- Cybercriminals often use legitimate email addresses appearing to be from your organization.
- Phishing emails may look very similar to the messages you receive from actual colleagues.
- The emails often include links you’re asked to click on.
- Many times they’re written by individuals whose first language isn’t English—or use a canned message that comes from a template.
- A dead giveaway is when an email looks like it came from a government entity—or you’re being asked to provide credentials to personal or business accounts.
At Ingram Micro, we’re committed to helping you and your customers from fraud. If you or a member of your team receives an email that looks suspicious, forward it to Ingram Micro Fraud Report Email. Or call 1-888-Ingram2.
For more information on cyberfraud, check out these resources:
And be sure to check out our podcast, How to Prevent Fraud in Your Business.
Don’t let the fraudsters behind glass cost you and your customers your livelihood. When it comes to fighting cybercrime, knowledge is your best weapon.
This guest blog is part of a Channel Futures sponsorship.