Urgency of the ‘supplier’ during email exchanges.Ī Business Email Compromise relies primarily on the change to the payment details previously associated with the customer. Invoices provided are not of standard of real invoices from supplier Inconsistencies in the email such as times, font, spelling, grammar, structure. Reason given for change of beneficiary bank The main warning signals or ‘red flags’ as they are sometimes referred to are as follows:Ĭhanges of country for the beneficiary bankĬhanges to the beneficiary name either to an individual or combined with company It is those emails and the attached invoices that need to be thoroughly examined. The unsuspecting employee then initiates a fraudulent wire transfer in the requested amount to the bank account of the perpetrators’ choosing.Īs a business you may be regularly receiving emails from your customers seeking payment for goods/services. The fraudsters will likely provide reasons for the change in circumstances. The request is likely to include a change to previous arrangements such as a change to the beneficiary name and/or bank account. In the typical business email compromise scheme, the fraudsters send an email to an individual in the accounting or finance department of a company, posing as the representative of another company who are currently engaged in business, often in relation to an open invoice, requesting a wire transfer. BEC scams are a serious threat to businesses of all sizes and across all sectors globally, including non-profit organizations. It is sometimes referred to as invoice diversion and has been known to use other means of contact like Skype as well as standard email. FRAUD AWARENESS Business Email Compromiseīusiness email compromise (BEC) is a form of phishing attack where a criminal impersonates an individual known to the victim via a business relationship and attempts to coerce the victim into transferring funds.
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