Not only do businesses fall prey to Business Email Compromise (BEC) but it also has an impact on consumers, including you and me. BEC varies from Phishing or Smishing as it directly targets the victim and can be difficult to spot. However, it's essential to be vigilant and look out for any suspicious activity.
If you're wondering what BEC entails, it's essentially a fraud technique where a scam artist gains unauthorized access to email accounts and then proceeds to conduct transactions as usual, to acquire sensitive information for fraudulent activities such as initiating wire transfers or obtaining account information.
It is sometimes hard to detect, but here are some things to look out for:
It is recommended to carefully observe the tone and conduct of the email sender.
Are they strongly urging for an immediate wire or ACH transfer?
Are they persistently calling to inquire about the progress of the money transfer?
Have you noticed a difference in the formatting of the email signature compared to previous correspondences from the vendor?
If the answer is 'yes' to any of the aforementioned questions, escalate the incident as soon as possible.
PRO TIP: It is highly recommended to exercise caution with wire instructions when closing on a property or home. Before making any payments, it is crucial to contact the title company and verify the instructions. Please ensure to take thorough precautions during this process.
It is essential to verify if the email address is correct by closely examining the domain. Take the time to examine the email's signature, body, or the email from the sender for any discrepant information.
If an email from a company has a non-corporate domain, such as @gmail/hotmail/outlook, contact your reporting manager immediately and report the incident to your IT department, as this may indicate a Business Email Compromise (BEC) attempt. The below are two examples of a couple of misspellings that are easy to overlook:
TO: deairra@gmaiil.com
TO: dairra@gmail.com
Although not comprehensive, the red flags cited hold significant importance and should be carefully taken notice of. Stay diligent! And remember... When in doubt, call it out!
Thanks for reading!
Questions?
Shoot an email over to question@jrmtconsulting.com and I will make sure to give you the best guidance and advice in an upcoming blog post. If you want more tips and tricks, you can easily stay updated by following us on Facebook at @JRMT Consulting, LLC!
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