Instances of Business Email Compromise (BEC) are increasing at an alarming rate.
BEC is an increasingly common, sophisticated scam, targeting businesses that regularly perform electronic payments. The scam is carried out by compromising business email accounts through calculated social engineering or computer intrusion techniques to conduct unauthorized funds transfers. The three most common ways this scam can be accomplished includes compromising:
- Vendors - A vendor’s email is compromised, and the fraudster sends a fake invoice with different payment instructions.
- CEOs - A CEO’s email is compromised, and the fraudster requests the employee send a payment.
- Payrolls - An employee’s email is compromised, and the fraudster sends a change in payroll instructions.
Because Commerce Bank takes security seriously, we are providing you with this educational video on Business Email Compromise from EPCOR. Take a few minutes to learn more about this threat and share the video with any employees you feel would benefit from this education. If you would like to receive additional payments education, please visit EPCOR at www.epcor.org, or reach out to your Commerce Bank relationship manager.