Business Email Compromise (BEC) scams have become increasingly commonplace and financially destructive. According to the Federal Bureau of Investigation (FBI), 2019 was the worst year on record for BEC scams — both in terms of the number of attacks and the financial losses incurred because of the scams. 2020 figures to be even worse, as businesses have increasingly been victimized by attackers seeking to exploit companies whose employees are working remotely due to the COVID-19 pandemic. As the risk and harm associated with BEC scams becomes more pronounced, businesses must work to understand how the scams work, who is responsible for the financial losses, and what steps to take to prevent victimization.

Introduction to Business Email Compromise Schemes

Businesses are typically victimized by one of two variants of…

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