Business email fraud is a new tactic that’s sprung up in recent years among cybercriminals. They’ll target an individual or business and monitor their social media pages, websites, and other sources of information in order to steal money via email.
It’s an evolution of the term “phishing” where criminals used to send out mass emails. Now they target bigger companies and corporations in what’s called spear-fishing. It’s a much more targeted attack, and they’ll do it for $1,000 all the way up to a $1,000,000.
To protect from these threats, businesses should put guidelines in place that don’t allow employees to wire money simply because of an email. Sometimes it’s as simple as training your accounting staff to make a phone call to get verification from their boss.
With that being said, the victims of these attacks are normally the lower-level employees who don’t have much experience with the company just yet, so make sure that everyone in the organization from the top down is trained from the very start to minimize threats.