Business Email Compromise
What is Business Email Compromise?
Business Email Compromise is when fraudsters send an email message to companies or individuals that appears to have come from a known source (associate / vendor / supplier). The email may seem to be about legitimate request to change beneficiary bank account details for regular / future money transfers or payments.
Fraudsters communicate with the victim through compromised/look alike spoofed email account or website. They use slight variations on legitimate addresses (for example, Mohamed@companyABC.com vs. Mohammed@CompanyABC.com) in order to fool victims into thinking that the fake accounts are authentic.
How to protect yourself from Business Email Compromise scams?
- Carefully examine the email address and spelling used in any correspondence
- Confirm requests for transfer of funds and changes in payment accounts through alternate mediums, such as a previously used phone number or fax, and not through the contact details listed in the suspicious email
- Fraudulent email requests may sometimes contain poor design, grammar typos, or bad spelling
- Be especially wary if the requestor is pressuring you to act quickly and with a sense of urgency
- Be on the lookout for emails that request unusual payments, such as unknown vendors or merchants, currencies you don't usually use, and high amounts or values of the requested payment
- Should you become a victim of a Business Email Compromise, you should immediately notify CBI customer service agent 24/7 on 600 544440
