BEC, or Business Email Compromise, is a type of cybercrime that has become increasingly common in recent years. It involves hackers sending emails that appear to be from trusted sources, such as colleagues or executives, to trick victims into sending money or sensitive information. The FBI estimates BEC scams have caused over $26 billion in losses since 2013.

BEC is a type of fraud where cyber criminals use malicious emails to gain access to corporate accounts and then exploit them for financial gain. The emails often target accounting personnel or other members of a company’s financial team. Cybercriminals use these emails to request payments or ask for sensitive information such as bank account numbers and passwords.

As AI technology continues to advance, so too do the risks of business email compromise (BEC). This threat has become increasingly common as attackers leverage AI to target businesses. AI-driven BEC scams have become so sophisticated that they can impersonate real people, create convincing emails, and target specific employees with tailored messages.

The risks associated with AI-driven BEC scams are significant. Attackers can use the technology to increase the efficiency of their campaigns and target more victims in less time. AI can also be used to create tailor-made messages that are more likely to convince an employee to click on a malicious link or open an attachment.

To protect against BEC scams, many organizations are turning to artificial intelligence (AI) based solutions. AI can be used to detect suspicious emails, identify potential phishing attacks, and provide insights on how to best respond to threats. AI-powered systems can analyze large volumes of emails quickly and accurately to identify malicious messages and potential attack vectors.

AI can also be used to detect patterns in communications that may indicate a BEC attack is underway. By analyzing the content of emails, AI can detect anomalies such as strange phrasing or formatting, which may indicate that a scammer is attempting to impersonate a trusted sender. AI can also detect the presence of malicious links or attachments, which can be used to steal sensitive data or money.

Business email compromise (BEC) is a growing threat in today’s digital age. In a recessionary market, businesses are already facing financial challenges, making them more vulnerable to BEC attacks. Cybercriminals are aware of this and are likely to exploit it by targeting businesses with malicious emails. Additionally, a recessionary market can lead to increased employee turnover, which can also lead to an increased risk of BEC. As employees leave a company, they may not be aware of current security protocols and could unintentionally provide access to sensitive information to cybercriminals. Businesses must take steps to protect themselves from BEC in a recessionary market.

Furthermore, AI can be used to automate the process of identity theft. By studying an organization’s internal communication habits and employee relationships, attackers can create convincing emails that appear to be from a trusted source. This can allow attackers to gain access to sensitive information, such as login credentials and financial data.

To learn more about how IRONSCALES uses an integrated AI and Human Insights approach to detecting and remediating advanced phishing attacks like BEC, please sign up for a demo today at ironscales.com/get-a-demo.

Eyal Benishti
Post by Eyal Benishti
December 15, 2022