Also known as president or CEO fraud, business email compromise generally targets a company's payments team, impersonating a contractor, supplier, creditor or even someone in senior management. The email might appear to be from someone high up in the organization, asking that an urgent payment be made, or from a supplier, requesting that future payments go to a new account. Often it instructs the recipient not to discuss the matter with anyone else.
The sender's email will often be manipulated so it closely matches a known address. Cybercriminals may even hack into and use a real email account, making it even more difficult to identify fraudulent communications.
It's up to your company to verify payment information. Once you authorize a payment to the new account, it is very complicated – and unlikely – that you will be able to recover your funds.
Business email compromise is big business. Data from the FBI suggests that financial losses from business email compromise from October 2013 to May 2018 totalled more than $12.5 billion.It's up to your company to verify payment information. Once you authorize a payment to the new account, it is very complicated – and unlikely – that you will be able to recover your funds.