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Sheena Wong and Ivan Yeh
Criminals are constantly devising new, convincing ways to solicit information and money. As we have become reliant on emails for business communication, it is also becoming a favourite tool for scammers.
Business Email Compromise (BEC) is a real and widespread cyber threat in the form of disguised emails. Attacker impersonates as a contractor, vendor, creditor or even someone in the company to gain recipients’ trust and then deceive them into transferring money or even revealing their account information.
These attacks are extremely difficult to detect because they will use various tactics such as spoofing, look-alike domains and fake email names to exploit human vulnerabilities through social engineering and escape the most common types of cyber defences.
With just one email account compromised, the entire organisation will suffer far-reaching damage from paralysed servers to huge financial and reputational loss. Hence, it’s important that everyone in the company stays vigilant in preventing BEC.