Your supplier’s BEC problem is your BEC problem

Are you protected against scams involving business email compromise (BEC)? In a recent interview with Help Net Security, apexanalytix SVP Danny Thompson takes a deep dive into BEC and discusses what you can do to protect your company from this type of costly payment fraud. A few highlights from his interview:

• BEC scams typically involve supplier spoofing, executive spoofing, credential harvesting, or exploitation of user IDs and email addresses.

• Perpetrators can be either insiders or third parties who gain access to accounts receivable or payable records through systems used by you or your suppliers. Once inside, they change the bank account receiving payments.

• To protect against BEC losses, Thompson recommends automated controls. One example: Real-time bank account ownership validation solutions can confirm whether the owner of a payee bank account is your supplier or a scam artist.

Read the full article online at Help Net Security.