October 13

The Threat of Business Email Compromise Explained by Our Cyber Security Experts on Long Island

Business email compromise, or BEC for short, is a scam everyone should be aware of. Below, our cyber security professionals on Long Island team provide a look at the different forms of BEC to help boost your awareness of this tactic and keep your business operating like a well-oiled machine.

BEC Through Wire Transfers

Wire transfer scams, often referred to as CEO fraud, involve a hacker impersonating an executive through email and requesting an employee transfer money through a wire transfer. As an example, the hacker might request the employee pay a vendor, make a significant purchase, or deposit money for real estate. Wire transfers can also occur through internal email accounts that have been compromised. Hackers obtain access to platforms through phishing messages, email the target through a compromised account while posing as a legitimate party and request payment.

Payroll Diversion/Direct Deposit

Direct deposit or payroll diversion scams are rapidly growing. This approach reroutes paychecks to hackers’ accounts. The hacker pretends he or she is one of the company’s workers and sends a message to HR, requesting that the bank account number and routing information be changed prior to the next direct deposit. The money is then sent to the hacker’s prepaid card account.

Scams with Tax Forms

BEC sometimes involves obtaining access to sensitive data, as opposed to money. This information is used to conduct attacks, file a fraudulent tax return, and have the refund money redirected to their own account. Spear phishing messages are sent to HR and accounting to request tax forms with the hope they will comply with the request.

Read more: Cyber Security Tips for Long Island Businesses: How to Limit Insider Recruitment Attacks

Strategies to Prevent BEC

Employees should be trained to identify the signs of BEC. Every business should have the processes in place to review requests for information and financial transactions. Our cyber security experts on Long Island can help you educate your team about BEC and other digital attacks to ensure you do not fall prey to these malicious scammers. When in doubt, employees should directly contact the party making the request to confirm they are actually the group behind the transmission.

It will also help to minimize the number of people within the organization permitted to process financial transactions. Furthermore, software such as Vade Secure has the potential to help through the use of anomaly detection to pinpoint odd patterns in email traffic for your review.

Total Technology Solutions Can Help!

Whether you are worried about digital security attacks or any other tech problem, our cyber security professionals on Long Island is ready to help you. Reach out to us today to find out more about our services.

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