News

GIACT: Business Email Compromise, still a growing threat

Tuesday 24 March 2020 10:08 CET | News

Business Email Compromise (BEC) has become an increasingly sophisticated and elusive fraud tactic, according to a new report from GIACT.

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.

GIACT provides real-time data to support companies mitigate payment risk and fraud.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Business Email Compromise, BEC, social engineering, malware, fraud detection, account takeover, survey
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: United States
This article is part of category

Securing Transactions