Business Email Compromise (BEC) is a sophisticated scam targeting businesses that process electronic payments such as wire transfers or Automated Clearing House (ACH) transactions. The scam is frequently carried out when a fraudster compromises legitimate business email accounts through social engineering or computer intrusion techniques, resulting in an authorized transfer of funds.
How You Could Become a Victim of Business Email Compromise
- Fraudsters start by monitoring the officer’s account for patterns, contacts, and information.
- After choosing a target, attackers use tactics like phishing, social engineering, identity theft, email spoofing, or malware to access or impersonate the target’s email account.
- Fraudster will use the compromised email account to impersonate a corporate officer to send fraudulent payment instructions.
- Payment instructions direct the funds to an account controlled by the fraudster.
How to Protect Your Business
At River City Bank, we recommend the following steps to mitigate some of these risks:
- Educate all staff on BEC scams and prevention strategies, including how to identify phishing emails and respond to suspected compromises.
- Verify all payment changes and new transactions in person or by calling a verified phone number on file.
- Use dual control when initiating payments.
- Review accounts frequently to identify unusual activity quickly.
- Stay vigilant and maintain strong security practices.
If you have questions, please contact River City Bank customer service by calling (800) 564-7144 or by email at [email protected].
