Tuesday, July 29, 2025
Business Email Compromise (BEC) is one of the fastest-growing and most financially damaging types of cybercrime affecting businesses of all sizes. According to the FBI’s Internet Crime Complaint Center (IC3), BEC scams accounted for losses exceeding $2.9 billion in 2023 alone, making it one of the most costly cyber threats in the United States.
What Is Business Email Compromise?
BEC is a sophisticated form of email fraud that targets businesses and organizations. Criminals use social engineering or hacking tactics to gain access to legitimate business email accounts or spoof trusted contacts. Once in, they manipulate employees into making unauthorized wire transfers, changing direct deposit information, or sending sensitive data.
Common examples include:
- A fake email from a CEO requesting an urgent wire transfer
- A compromised vendor email with altered payment instructions
- A spoofed email requesting a change in payroll deposit details
How BEC Happens
BEC schemes typically begin with phishing attacks or by exploiting weak email security practices. Once attackers gain access, they observe email patterns and conversations to time their requests perfectly—often mimicking real emails in tone and structure.
Criminals may:
- Use lookalike domain names (e.g., riverrcitybank.com instead of rivercity.bank)
- Intercept real emails and modify invoice attachments
- Create a sense of urgency to pressure employees into acting quickly
How to Protect Your Business
Fortunately, there are steps your business can take to reduce the risk of falling victim to BEC:
- Verify Payment Requests: Always verify requests for wire transfers or changes in payment instructions using a known phone number—not the one provided in the email.
- Enable Multi-Factor Authentication (MFA): Adding a second layer of security can prevent unauthorized access to email accounts.
- Educate Employees: Train staff to recognize phishing emails, spoofed domains, and red flags like urgent requests or payment changes.
- Use Secure Email Practices: Limit auto-forwarding, monitor for logins from unusual locations, and ensure your email system flags suspicious messages.
- Set Up Payment Protocols: Implement dual control or approval processes for large or unusual transactions.
What to Do if You Suspect BEC
If your business falls victim to a BEC scam:
- Contact your bank immediately to attempt to recall or freeze the funds.
- Report the incident to the FBI’s IC3 at www.ic3.gov.
- File a police report and notify your IT department to secure your systems.
Stay Vigilant
BEC is a reminder that even the most routine business practices can be targeted by fraudsters. By staying informed and cautious, your business can take proactive steps to protect its finances and reputation.
At River City Bank, we’re committed to helping our customers recognize and avoid fraud. If you have questions or concerns about your business account security, please reach out to us directly—we’re here to help.