Business Email Compromise
Tips to Protect Yourself and
At Banc of California, we take the security of your personal information and your banking transactions seriously. As part of our Fraud Prevention program, we are raising awareness of sophisticated payment fraud scams that leverage business and personal email accounts in the commission of fraudulent wire transfers.
What is Business Email Compromise (BEC)?
Business Email Compromise is a scam targeting individuals who have the ability to make payments. In these scams, cybercriminals gain access to an employee’s legitimate business email through social engineering or computer intrusion. The criminal impersonates the employee, often a senior executive or someone who can authorize payments, and instructs other employees in the company via email to transfer funds to an account controlled by the fraudsters.
Always be wary and on the lookout for suspicious activity, and leverage internal controls to guard against unauthorized payment activity.
Best Practices to Protect Against BEC Scams
- Educate your employees
- Protect your online environment
- Require alternative communication channels to verify significant requests
- Require approvals for payment-related activity
- Always monitor