Did you know that the FBI’s number one fraud case might not be the type of fraud you are thinking of? As per reports, the FBI has been actively investigating a type of scam that has defrauded numerous individuals and businesses out of millions of dollars. But what makes this fraud unique is that it often goes under the radar and is challenging to detect. Read on to learn more about this alarming and prevalent fraud that everyone should be aware of.

FBI’s #1 fraud is NOT what you think it is

Introduction

Fraud is something that affects everyone. From individuals to businesses, fraud can cause loss of money, resources and trust. But what most people don’t know is that the FBI’s #1 fraud is not what they think it is. It’s not identity theft or credit card fraud. In fact, it’s Business Email Compromise (BEC) fraud. BEC fraud is a form of cybercrime where hackers specifically target businesses using email communication. They usually masquerade as a top-level executive to trick victims into wiring large sums of money to overseas bank accounts. Luckily, there are tools available to help protect your domain from BEC, like easyDMARC.

What is Business Email Compromise Fraud?

BEC fraud happens when cybercriminals target businesses through email. The hackers research the company’s hierarchy and identify the person who is responsible for money transfers. They conduct extensive reconnaissance on this person and the company, commonly through phishing emails, until they get enough information to impersonate a trusted executive. The hacker would then send an email, requesting a large sum of money to be transferred to an offshore account, while pretending to be the CEO. Once the transfer is complete, the funds are usually unrecoverable.

Learn about BEC Fraud

BEC fraud is becoming more and more prevalent. It is estimated that around $1.7 billion has been lost to BEC fraud schemes between 2014 and 2019. It’s crucial to know what to look out for to avoid falling victim to BEC fraud. Be wary of emails that demand urgent payment or contains language that is deemed suspicious. Double-check that the email address is identical to the executive’s actual email address. Always verify the information in the email via a phone call or face-to-face conversation. The key is to be cautious and aware.

Protect Your Domain for Free with easyDMARC

One of the most effective ways to protect your domain from BEC fraud is by using easyDMARC. It’s a free tool that helps businesses defend against phishing, spoofing and other email-borne attacks. easyDMARC is incredibly easy to set up, and it’s compatible with all email platforms. With easyDMARC, you will receive alerts whenever someone tries to impersonate your domain. Additionally, with advanced analysis, easyDMARC can distinguish between legitimate and fraudulent emails, reducing the number of false alarms.

YouTube Video on Protecting Your Domain Available

If you’re not sure how to set up easyDMARC, don’t worry! There is a YouTube video available that can guide you through the process. It’s essential to take the necessary steps to protect your domain and prevent BEC fraud from happening. By implementing easyDMARC, you can make sure that your organization’s email is secure.

Conclusion

BEC fraud is the FBI’s #1 fraud, and it is prevalent in today’s business world. The best way to combat BEC fraud is to educate yourself and your team. It’s vital to be cautious and aware of suspicious emails and always verify information before taking any further action. By implementing easyDMARC, you can protect your domain and reduce the risk of falling victim to BEC.

FAQs

1. What is BEC fraud?
   BEC fraud is a form of cybercrime where hackers specifically target businesses using email communication. They usually masquerade as a top-level executive to trick victims into wiring large sums of money to overseas bank accounts.

2. How can I protect my business from BEC fraud?
   One of the most effective ways to protect your business from BEC fraud is by using easyDMARC, a free tool that helps businesses defend against phishing, spoofing and other email-borne attacks.

3. Is easyDMARC easy to set up?
   Yes, easyDMARC is incredibly easy to set up, and it’s compatible with all email platforms.

4. What happens to the funds transferred during BEC fraud?
   Once the transfer is complete, the funds are usually unrecoverable.

5. How prevalent is BEC fraud?
   It is estimated that around $1.7 billion has been lost to BEC fraud schemes between 2014 and 2019.