Major global news outlets are reporting a growing number of “Business Email Compromise” (BEC) scams or “CEO fraud,” whereby crooks use sophisticated social engineering tactics to trick businesspeople into wiring funds to fraudulent overseas accounts. Companies are getting hit hard by CEO fraud. One tech company, Ubiquiti Networks, was recently swindled out of $47 million1. Another Atlanta-based company was scammed out of $1.8 million2. The FBI has reported over 12,000 victims globally with a loss of over $2 billion in just the last two years3. And the numbers continue to grow with a 270% increase in complaints to the FBI since the beginning of 20154.
Download this best practices paper to discover how recent developments surrounding these scams happened and learn tips on how they can be avoided.