The FBI has issued a warning about a sophisticated scam called Business Email Compromise (BEC) that targets businesses working with foreign suppliers and businesses that regularly perform wire transfer payments.
The fraudsters compromise legitimate business e-mail accounts through social engineering or phishing, then conduct unauthorized transfers of funds.
Most Common Method of Entry for BEC Fraud
Fraudsters most commonly gain access through a phishing scam in which a victim receives an email that includes a malicious link, sent from a seemingly legitimate source. Once the victim clicks the link, malware is installed that gives the fraudsters access to usernames, passwords, and financial information.
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For complete coverage of the BEC scam, visit the Sioure Blog.