Add one more email scam reference to your lexicon. Business E-mail Compromise (BEC) scams, also known as CEO fraud,Â usually involveÂ spoofing an executive’s email address and/or gaining access to that executiveâ€™s inbox through a phishing scam. Once access is obtained or the executive’s email address is spoofed, specific individuals are targeted in the organization for fraudulent wire transfers.
The Business E-mail Compromise (BEC) is a sophisticated scam targeting businesses working with foreign suppliers and/or businesses that regularly perform wire transfer payments. Formerly known as the Man-in-the-E-mail Scam, the BEC was renamed to focus on the â€œbusiness angleâ€ of this scam and to avoid confusion with another unrelated scam. The fraudulent wire transfer payments sent to foreign banks may be transferred several times but are quickly dispersed. Asian banks, located in China and Hong Kong, are the most commonly reported ending destination for these fraudulent transfers.
Source: Business Email Compromise