Never Be a Victim: How to Prevent Business Email Compromise

There are dozens of ways criminals attack businesses, from phishing to simple brute-force hacks. You are probably familiar with these, but one of the newest and most insidious attacks is the business email compromise attack.

Business email compromise is a simple threat to businesses throughout Lancaster, Harrisburg, and York, PA, but it’s a threat to take seriously. Not only could your business be at risk, but your partners and vendors could also be at risk. But just like with other cyberattacks, you can avoid business email compromising a target through training and simple protocols that keep you ahead of the hackers.

With a knowledgeable cybersecurity service company, you can avoid the worst of these attacks by having a trusted partner who understands the ins and outs of these threats. Stay on top of the latest attacks and criminal strategies with a simple security consultation that will provide you with greater safety and confidence that you are protected.

What is Business Email Compromise?

Simply put, business email compromise is a social engineering attack, a cybercrime in which a criminal uses trust and impersonation to access personal or private data. This attack begins by hacking an email to trick a business into providing money or confidential information – such as requesting payment for a fake invoice or requesting sensitive company information.

If you are unlucky, you might even be the victim of a hacker who uses your email system against your vendors or partners.

These kinds of attacks can be very subtle and insidious, using disguises and imitations of companies and institutions with which your business regularly interacts. Staying ahead of these attacks requires training and commitment to security.

How to Prevent Business Email Compromise

A man using his laptop and cell phone to view emails.

There are many ways to protect your business from business email compromise scams, but the first and foremost is to participate in regular security training.

Adopt Email Authentication Protocols

Suppose you have a good IT team in place. In that case, you can Implement email authentication protocols such as DMARC (Domain-based Message Authentication, Reporting, and Conformance) to verify the authenticity of incoming emails. This verification system double-checks the domain of incoming emails, providing more confidence that you know who is contacting you.

Domain spoofing is the core of business email compromise scams, so DMARC can ensure that emails originating from your domain are legitimate.

Request Verification

Whenever you receive an odd or out-of-the-ordinary email, verify that this person is who they say they are. One of the easiest ways to confirm identity is to call them using an official phone number or one you have used before. Always use numbers from official and confirmed sources, not those listed in the questionable email.

Enable Multi-Factor Authentication

Multi-factor Authentication is one of the best tools for preventing your email system from being used against other businesses. MFA uses two ID confirmations: an app on your phone or an additional personal identification number. This acts like the double-key turn you see in spy or heist films and keeps out outside actors.

What Types of Business Email Compromise Should You Watch For?

A man using a laptop with many email images superimposed, one of which with an alert.

There are six major forms of business email compromise attacks, each of which leverages your trust and relationship with an individual to try and access your private information or steal your money.

Fake Invoices

I don’t know about your business, but invoices are constantly flowing in and out for us. A business email compromise using fake invoices will trick you into paying the attacker while you think you’re just paying your regular vendors. Attackers using this strategy might even intercept and modify real invoices to make them more convincing. Always double-check all information and closely track your invoices and their associated services.

CEO Fraud

Much like phishing, business email compromise attacks can use your CEO’s identity to trick an employee into paying a fake invoice, closing a big deal, or even something as small as buying gift cards for an office event. These schemes rely on urgency and employees’ instinct to stay on the boss’s good side to keep them from realizing that there is something wrong – always double-check when a CEO contacts you outside of normal channels.

Email Account Compromise

When a scammer can access an employee’s email account, they can use the authority of an official account and send fake invoices to other companies to gain access to funds. Alternatively, they might contact other employees via this account and try to get confidential information and more access through friendly office interactions.

Attorney Impersonation

Attorneys are high-power and high-authority individuals who often get easy cooperation and confidence. By posing as an attorney, cybercriminals can access essential and confidential information of all kinds, which they can further leverage to their ends – it’s often best to try and arrange in-person discussions before providing anything you might want an attorney to handle.

Data Theft

Personally Identifiable Information (PII) and sensitive data are common targets of identity theft and cybercrimes business email compromise of the value that this information can present on the dark web. Suppose you are in a position to handle W-2s or other tax information that contains Social Security Numbers and important information. Taking extra precautions to secure your files and scrub old information is critical in that case.

Commodity Theft

Commodity theft is a recent development in business email compromise attacks, discovered as recently as 2023. This attack sees scammers posing as customers, using fake financial information, or posing as employees working in a purchasing department to negotiate a large purchase – which they never pay for. Once they have this stolen product, it can be resold in different markets, leaving you out of luck.

Don’t Be Threatened by Business Email Compromise – Be Prepared With EZComputer Solutions!

Compromised email accounts might not sound threatening, but imagine if someone got a hold of your phone. They would have access to your friends, family, and even co-workers and would be able to use the trust you’ve built with these people for their ends. Cybercriminals are always looking for ways to worm their way into digital and physical networks and use them for their ends.

A trusted cybersecurity partner won’t just help you protect your networks. They will be a part of your network and help protect everybody around you. From technical support and protection to training and walk-throughs, a good IT company will take a holistic and proactive approach to safeguarding your information.

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