Business Email Compromise (BEC)

Business Email Compromise (BEC)

I attended a presentation by Frost Bank on Cyber Security and here is some of their information- BEC is a sophisticated scam targeting businesses that regularly perform wire transfer payments.  The scam is not particular in terms of specific business sectors and/or size of the business. The FBI released a report, which reflects the following: From October 2013 through May 2016 – Global BEC Scams are estimated at $3.1 Billion. $960 Million from 14,000 US Businesses of all sizes 1,300% increase from January 2015 – June 2016 (50 states and 100 countries combined) As a supplement to the FBI report, the 2016 AFP Payments Fraud and Control Survey indications that: Wire transfers are the payment method most impacted by BEC. …

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