Business email compromise (a.k.a., CEO fraud) attacks are a highly targeted form of phishing where scammers impersonate a C-level executive or a critical supplier by spoofing websites, hijacking emails, faking social media profiles, leveraging deepfake video and other tactics, to make their identities appear more believable and trustworthy. They then instruct victims to carry out unauthorized wire transfers, purchase gift cards, update billing and banking information or other common financial transaction. BEC scams are probably one of the most profitable, low-tech cybercrimes. Global businesses lost a whopping $43 billion to BEC between 2016 and 2021. Some estimate BEC is 64 times costlier than ransomware attacks.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.