As our lives and business dealings are increasingly handled online, it can be hard to ensure the security and encryption of all this data from cyber threats.
However, these types of emails are said to cause the largest monetary loss in cybercrime because of this ‘innocent’ format. BEC wire transfer fraud allows criminals to take advantage of expert financial transactions – such as supplier payments or asking recipients to adjust the bank account information on an outgoing wire transfer.
Anna Collard, the SVP of Content Strategy and Evangelist for KnowBe4 Africa, says, “35% of all security incidents are Business Email Compromise phishing attacks.” She adds that according to security vendor GreatHorn’s 2021 , 71% of BEC attacks use a spoofed email account or website to establish credibility and 69% of BEC attacks utilise spear phishing, which increases their chances to reach out to the right people within an organisation who have influence over business money.