Business Email Compromise

Posted on Wednesday, August 09, 2017

Business email compromise (BEC) scams are unfortunately becoming more common.  According to the FBI Internet Crime Complaint Center (IC3), there was a 2,370% increase in identified exposure losses between January 2015 and December 2016.  The scam hbeas been reported in all 50 states and 131 countries. 

During BEC scams, email accounts are targeted to try and trick employees into making payments or providing sensitive information to fraudulent accounts.  The attacker normally sends a fake email that appears to be legitimate from someone in management (CEO, Executive Director, CFO, etc.) with instructions to wire cash, make a payment or request sensitive information.  Wire transfers are typical requests because as soon as the transfer is made the attacker has the organization’s money.  Often times the email is sent when the Executive Director or CFO is out of the office, making it more difficult for the employee to confirm the request. 

Here are a few recommendations that you can implement to help protect your organization.

Posted by: Carrie Minnich, CPA

Posted in Mission Minded Nonprofits

Disclaimer: The information contained in Dulin, Ward & DeWald’s blog is provided for general educational purposes only and should not be construed as financial or legal advice on any subject matter. Before taking any action based on this information, we strongly encourage you to consult competent legal, accounting or other professional advice about your specific situation. Questions on blog posts may be submitted to your DWD representative.

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