Searcy Police warn residents about rising business email compromise threats | #cybercrime | #infosec

Searcy, Ark. (KATV) — The Searcy Police Department is sending a timely reminder to all residents about a specific cybercrime act that that targets businesses and employees.

Business Email Compromise (BEC), also known as Email Account Compromise (EAC), is a crafty cybercrime that has been causing headaches and financial losses for businesses worldwide.

These scams involve attackers impersonating individuals within a company to trick employees into making fraudulent transactions or revealing sensitive information.

The acts often involve wire transfers, gift card purchases, or the release of Personally Identifiable Information (PII).

BEC attacks are a significant threat, causing billions of dollars in losses annually.

Attackers do their homework, using social media and other publicly available information to identify key individuals and their communication patterns.

They may compromise email accounts through phishing, malware, or brute-force attacks.

Once inside an email system, attackers impersonate high-ranking executives or trusted vendors, often using subtle variations in email addresses to appear legitimate.

The attackers exploit trust within the organization by sending emails requesting urgent fund transfers, changes in payment information, or the release of sensitive data.

The goal is to either steal money through fraudulent wire transfers or extract confidential data for future exploitation.

Unlike some cyberattacks, BEC often does not involve malicious software.

The focus is on social engineering and deception.

“If an email seems suspicious, call the business using a trusted phone number to verify the information is legitimate,” experts advise.

They also suggest using strong, unique passwords and enabling two-factor authentication whenever possible. Regularly monitoring email activity for unusual patterns and reporting any suspicious activity is also recommended.

If you suspect a BEC attack, report it to your IT department and relevant authorities immediately.