December 13, 2018
Business Email Compromise (BEC) and Email Account Compromise (EAC) scams have caused tremendous losses for organizations worldwide.
According to the FBI, between October 2013 and May 2018, the losses have reached and exceeded the $12 billion mark.
Reports also show that in 2017 alone, organizations have lost over $676 million to BEC and EAC scams.
These numbers are climbing up annually and scam schemes continue to get craftier.
It is better to start considering prevention measures now, than deal with scam consequences later.
Here is what you need to know about the BEC and EAC email scams and how to deal with them.
You will often find terms BEC and EAC used interchangeably, but in reality, they have their differences.
Business Email Compromise (BEC) is a sophisticated scam that targets company stock, sensitive information, but mostly corporate payment transfers. At first, hackers get a hold of real corporate email account credentials; then use them to persuade individuals to wire money to their accounts.
Cybercriminals typically choose to impersonate people in power or company partners to emphasize the ‘urgency’ of their request.
While BECs target corporations, Email Account Compromise (EAC) attacks – also known as account takeover attacks – are aimed at individuals.
Perpetrators hijack personal email accounts to gain access to social media, private communications, and banking.
They then use the stolen identity to make financial operations, create new accounts, perform malicious activities, or lock out the user altogether.
The real estate segment has suffered the most in recent years. Reportedly, from 2015 to 2018, the increase in monetary loss has been almost 2200%! (Yes, those zeroes are not extra!)
Imagine buying a new house, but instead of wiring the money to the seller, your payment goes to the scammer’s account.
And what if hackers trace off-the-books real estate or offshore savings? This is a disaster!
If these scams have the potential of being such a costly threat, then why aren’t we properly protecting our emails?
StealthMail is a military-grade email security solution developed to provide total privacy and safety for your email communication.
The solution is powered by a patented Stealth Data Transfer Technology, which allows you to send messages that are practically invisible to anyone except the recipient.
Emails sent using StealthMail are completely BEC and EAC-proof. You can rest assured.
And while you may think this is another one of those overhyped marketing statements, this is not the case.
To ensure complete BEC/EAC protection and prevent account hijacking, StealthMail incorporates the use of two-factor user authentication. Every time the user starts a new session, StealthMail runs user verification as if checking their passport. StealthMail users have absolute confidence that the email they open in StealthMail came from its sender.
Besides giving full protection against the email account compromise scams, StealthMail prevents spear phishing, MITM-attacks, email spoofing and others.
If you want to learn more about email threats and how StealthMail can secure your email communication, go to StealthMail.com today.