Simplicity and high returns—these sum up why Business Email Compromise schemes are attractive to cybercriminals. True enough, this attack vector has been greatly exploited, as evidenced by the amount of money that victims lost to it in 2016. According to a report by the FBI released in May 2016, victims lost $3 billion to BEC scams. In 2017, we predict that BEC will remain a prominent threat and will be used in more targeted scams.
One of the types of BEC scams is CEO fraud, wherein the perpetrators spoof or hack into the e-mail of an organization's executive in order to initiate a fund transfer to their own accounts. While, it’s not technically sophisticated, organizations should step up their defenses against this type of scheme, and one of the ways is being able to identify the signs that an e-mail message is being used in CEO fraud. Here’s what you should watch out for to keep the threat at bay:
CEO fraudsters usually register a domain similar to its target. If the target e-mail is email@example.com, a scammer may use a variation such as firstname.lastname@example.org or slightly change the spelling into email@example.com.
Based on our detections, BEC scams typically use subject lines that imply urgency regarding payment inquiries or fund transfers such as:
Cybercriminals employing CEO fraud typically pose as someone influential in an organization. Based on our data, e-mails used in BEC usually appear as if they came from the Founder and President, COO, CEO, and Chief Executive.
In CEO fraud, scammers make it appear as if the fund transfer is urgently needed and should be executed as soon as possible. In addition, pay attention to e-mails asking for fund or wire transfers to an account that's different from ones normally used for that specific transaction.
A message may appear out of place or it may be timely as BEC scammers use social engineering tactics in order to create believable messages, hoping to persuade victims to just act on the supposed request without verifying it. That’s why it’s always important to err on the side of caution, especially when corresponding over e-mail regarding matters involving funds, payments, transfers, and other crucial information.
While these red flags seem obvious, in most cases, they are harder to identify. BEC perpetrators design emails to be as realistic as possible. For instance, email domains may be spoofed to mimic the ones used by the target organization or those used by legitimate companies. Scammers also use social engineering and other information gathering methods to be more familiar with the ins and outs of an organization.
Aside from being on the lookout for these signs, here are tips on how you can further protect your organization from BEC:
The naked eye can only do so much in trying to spot a BEC e-mail, and having email security solutions can help greatly in thwarting BEC schemes.
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