There are reports that the Business email compromise (BEC) scam is on the rise. Would you be able to recognize this threat?
- BEC scams have resulted in losses of more than $5 billion dollars worldwide.
- It is the second-highest cause for monetary losses reported to the Canadian Anti-Fraud Centre.
- In 2017, more than an estimated $30 million was stolen from Canadian businesses using this scam, including $11.8 million from MacEwan University.
What is it?
BEC scams can appear in a few different forms, the main principle behind the threat is tricking a business into a paying a sum of money or providing sensitive information to a fraudulent source. This can be done through methods such as:
- an email appearing to be from a high-level executive asking an employee to pay an invoice
- a seemingly legitimate supplier requesting an urgent payment under threat of termination of service or requests from “legitimate” institutions requesting sensitive information.
- Read more about Business Email Compromise scams so you are well informed and can be vigilant in spotting these attacks
- Be wary about unsolicited emails particularly those requesting payments or urgent action
- Contact the organization if you are suspicious about the email or invoice
- Ensure University policies and procedures are followed when making payments, or disclosing private information
- If you have not yet completed Digital Self-Defence training, we encourage you to do so as soon as possible. The training is available to full-time, non-teaching staff and will help you with strategies to identify and protect yourself and others against attacks. Employees are our first line of defence against cyber-attacks.
- If you processed a payment to a fraudulent account, immediately contact Financial Resources to see if the payment can be stopped.