Find Out How to Spot a Business Email Compromise (BEC) Fraud
Business Email Compromise fraud (BEC fraud) is a group of fast-growing type of scam in Canada that targets businesses. If you own a business, it is best to get acquainted with the tactics that BEC fraudsters use so that you’ll be better equipped to protect yourself moreso that business transactions are moving towards online channels these days. The recent data by the Canadian Anti-Fraud Centre says that the worldwide cost for BEC fraud is estimated at about $5 billion dollars. Spot Business Email Compromise Fraud Know that BEC fraud is not a single scheme type of scam. It is composed of several schemes such as supplier phishing, CEO scam, and information theft. Supplier phishing involves fake emails that look like they came from known suppliers. Any money sent to the accounts provided by scammers via supplier phishing won’t go to the actual suppliers. CEO scam involves emails that look like they came from senior executives of the business. The receiver is tricked to wire money to