How to Identify Business Email Compromise (BEC) Attacks

In today’s business economy, where communication is largely conducted through email, business owners and entrepreneurs face the growing threat of Business Email Compromise (BEC) attacks. BEC attacks involve cybercriminals manipulating email communications for financial gain or unauthorized access. Common tactics include fraudulent wire transfers, unauthorized access to sensitive information, and misleading requests for confidential data. Below are some key strategies to help you recognize and defend against BEC attacks, empowering you and your employees to protect your business and sensitive information.

Key Signs of Business Email Compromise (BEC) Attacks:

1. Email Spoofing: Cybercriminals may forge the "From" address to make it appear as if an email is from a legitimate source within the organization. Pay close attention to email addresses, especially if they seem slightly altered or unusual.
2. Urgency and Pressure Tactics: BEC attacks often involve urgent requests for funds or sensitive information. Be cautious when emails create a sense of urgency and be sure to verify such requests through a trusted communication channel.
3. Unusual Requests for Payment: Watch out for unexpected changes in payment instructions or requests to transfer funds to new accounts. At times these attackers will even say they are with your bank. To stay on top of this, use strong controls to validate any changes to bank account information. A best practice is to call the known contact on file directly to confirm the instructions.
4. Changes in Communication Style: BEC attackers may study their targets and mimic their communication style. If you notice abrupt changes in tone, language, or writing style, be suspicious and verify the sender's identity.
5. Unusual Login Activity: Regularly monitor your email account for any unauthorized access. Unusual login locations or multiple failed login attempts can be indicative of a compromised account.

Protecting Your Business from BEC Attacks:

1. Employee Training and Awareness: Educate your employees about the tactics used in BEC attacks and the importance of verifying email requests for sensitive information or financial transactions. Encourage employees to speak up if something looks off.
2. Implement Multi-Factor Authentication (MFA): Require employees to use multi-factor authentication to add an extra layer of security to their email accounts. This makes it more challenging for attackers to gain unauthorized access.
3. Email Filtering and Security Solutions: Utilize advanced email filtering and security solutions to identify and block phishing attempts and suspicious emails before they reach your employees' inboxes.
4. Secure Communication Channels: Establish secure communication channels for sensitive transactions or requests. Confirm any significant changes regarding finances or confidential information through a secondary, trusted channel.
5. Regularly Update Security Policies: Keep your organization's security policies up to date, including guidelines for handling sensitive information and conducting financial transactions. Regularly review and reinforce these policies with your team.

Collaborate with Your Banker

Broadway Bank offers services and tools designed to enhance security. Collaborate with your banker to leverage these resources in detecting and preventing BEC attacks. Be sure to always use secure communication methods with the bank such as calling your banker directly or using our online messaging tool within iBIZ.

Business Email Compromise attacks pose a serious threat to the security and financial well-being of your business. By understanding the signs of BEC attacks and implementing proactive measures, you can significantly reduce the risk of falling victim to these malicious schemes. Broadway Bank is committed to supporting you in protecting your business from cyber threats. Stay vigilant, educate your team, and utilize the resources available to fortify your defenses against BEC attacks, ensuring the continued success and security of your business.