Fraud Alert

BEC Fraud

The Business Email Compromise (BEC) fraud is the #1 fraud attacking business in the United States and worldwide. The FBI advises this fraud increases each year and now exceeds $1billion annually.The fraudster:1. Identifies a target2. Grooms the target through unsuspecting emails.3. The victim exchanges banking information.4. The fraudster transfers funds from the victim to a foreign account. Source: FBI.gov Since 2013, when the FBI began tracking an emerging financial cyber threat called business e-mail compromise (BEC), organized crime groups have targeted large and small companies and organizations in every U.S. state and more than 100 countries around the world—from non-profits and well-known corporations to churches and school systems. Losses are in the billions of dollars and climbing. At its heart, BEC relies on the oldest trick in the con artist’s handbook: deception. But the level of sophistication in this multifaceted global fraud is unprecedented, according to law enforcement officials, and...

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