"The Real Cost of Business Email Compromise"
Brett Peterson: EVP, Sales and Client Relations - GIACT, a Refinitiv Company
Jeff Caton: SVP Sales & Senior Sales Engineer - GIACT, a Refinitiv Company
Original Airdate - 4/28/21
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Learn about how cybercriminals are employing business email compromise (BEC) attacks to exploit companies and their clients and how an enhanced approach to onboarding, monitoring, and validating customers can improve identity fraud detection, protect your customers, and enhance prevention measures.
From 2014 to 2019, the FBI received complaints totaling more than $2.1 billion in actual losses from Business Email Compromise (BEC) scams. Cybercriminals employ BEC by socially engineering employees via email, coaxing them to install malware or transfer/redirect funds into a fraud operator’s account.
This elusive fraud tactic often has high-profile targets in its sights. In 2019, more than 41% of scammers employing BEC pretended to be CEOs of their victim companies, according to Statista.