Cyber-attacks have increased steadily in recent years. With criminals constantly devising new ways to steal information and money, one of the newest emerging threats is Business Email Compromise
Also known as:
A fraudster emails a company's payments team, impersonating a contractor, supplier, creditor or even someone in senior management. The email might appear to be from the CEO, asking that an urgent payment be made, or from a supplier, requesting that future payments go to a new account. Often it instructs the recipient not to discuss the matter with anyone else.
Since the sender's email closely matches a known address, this type of fraud often goes unnoticed until it’s too late. Cybercriminals may even hack into a real email account - from which fraudulent communications are hard to identify.
The scam can appear even more convincing if thieves obtain information about a company's leaders and finance team, for example from the firm's website.
Social media posts may also tell them when senior staff are away from the office at meetings or conferences. Fraudsters see that as an opportunity to send their emails because it's difficult for the recipient to check whether the request is genuine.
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