What exactly is business email fraud? To properly define what it is and who does it, the FBI has started calling email hackers Business Email Compromisers. These “Compromisers” use email to impersonate somebody else and make employees take an action they wouldn’t have otherwise done.
It’s dangerous because businesses can be secure in terms of firewalls and anti-virus software, but the human element of impersonating can be a slippery road to avoid.
It’s just another form of social engineering. When we get an email from somebody that we seem to know, there’s more of a chance that we might get hooked into it.
The lower levels of companies pose the highest likelihood for risk because the workers there are likely new, and not constantly in touch with the CEO or the COO of a company who these hackers are impersonating.
To prevent fraud, companies should train their employees to see these risks coming. If you don’t train employees, and this happens, insurance companies aren’t going to reimburse you for that. They see it as negligence.