Email scams just got a whole lot trickier, folks. Companies are being duped by "business email compromise" (BEC) hustles that have clever crooks sending emails that look like they're coming from the boss or other legitimate business contacts. These aren't your everyday spam—they're meticulously crafted messages complete with invoices and payment instructions, as reported by the Phoenix Business Journal. The trick's so convincing that the FBI's sounding the alarm on how these cons are one of the most financially devastating online crimes around.
Turns out, these scammers have moves. They might cleverly alter an email address (think "[email protected]" versus "[email protected]") or go all out with spearphishing emails, which the FBI notes, are designed to look like they're from someone you trust. The goal? To get victims to spill confidential info that opens the door to company accounts and sensitive data. And if that weren't enough, malware can slip into networks, silently harvest billing details, and wait for the perfect moment to strike with bogus payment requests.
So, what do you do when you've been hit? First, report the scam to the cops where the fraudster's bank is chilling, suggests the Phoenix Business Journal. If it's a big heist of $1 million or more, bring in the big guns at the FBI. After you've done that, take a magnifying glass to your insurance policy—some specifically cover these types of scams, and you might have coverage you didn't know about.
But don't expect to easily shake down the receiving bank for a refund, the advice goes. Unless that bank was in cahoots with the crooks (knowingly, that is), you're probably out of luck in that department. Still, it's worth reaching out to see what info you can dig up—lawyers can be handy for making sense of this mess. And hey, if your company's email security was a sieve or if those changed payment instructions smelled fishy, the courts could pin the loss on you for not catching the scam.
No sugarcoating it, BEC scams are a nasty business, but being savvy about the warning signs and legal landscape might just save your company a boatload of trouble and cash. Taylor Burgoon, of Fennemore's Business Litigation Practice Group, told the Phoenix Business Journal, "Understanding the common fact patterns, the red flags to be wary of and the various frameworks courts have applied will help position your business to avoid BEC scam liability." So keep your eyes peeled and your wallets closed tight.
