The content from this post is from the RCMP Business E-Mail Compromise Bulletin, please download a copy of their bulletin for sources and more information below.
What is Business E-Mail Compromise?
BEC, also known as CEO fraud, wire fraud, or business executive scam, is a sophisticated scheme that tricks a business into paying a sum of money to a fraudster. The BEC scheme is executed through the use of social engineering or computer intrusion techniques.
According to recent cybercrime statistics, BEC has stolen more than $5 billion dollars from unsuspecting victims worldwide, including Canadian businessesi. BEC is the second highest for monetary loss out of over 40 fraud types reported to the Canadian Anti-Fraud Centre (CAFC). It’s real, it’s growing, but with increased awareness, it can be prevented.