Executive Impersonation: A Growing Threat

FVS Eye On Fraud

The disclosure of data breaches continues to worry consumers and corporations every day. Now, a new and growing cyberattack risk exists that has gone largely unreported: business email compromise (BEC). In 2015, the FBI’s Internet Crime Complaint Center (IC3) issued three public service announcements1 related to the use of a company’s email system to criminally extract funds, noting that in 2014, U.S. companies lost $179 million.2 The scheme is a variation of the practice of spear phishing, in which spoof or fraudulent emails are directed at company personnel in an attempt to obtain account numbers, access codes, or other sensitive information. The newest incarnation of this scheme is more sophisticated, requires significant research and diligence on the part of the criminal hacker, and can have a huge financial impact on the victim company.

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