BEC is a fraud tactic using email to socially engineer an employee to install malware or unwittingly transfer/redirect funds into a fraud operator's account. Today, targets of BEC go beyond inattentive employees not paying attention; fraud operators are using malware and other tactics to hack into email servers to enhance their traps and their ability to social engineer and target their victims.
BEC has increasingly become a major fraud issue in the US. According to the FBI, there has been a 46% year-over-year uptick in reported cases. The Association for Financial Processionals (AFP), meanwhile, reported that in 2018, 80% of surveyed businesses reported being targeted by a BEC scam — up from 77% the year prior. And, for the first time, the AFP found that most of the businesses surveyed (54%) admitted to being financially impacted by BEC.
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