Updates

Here’s a new acronym to add to your vocabulary – and your cyber security protection program.

Business Email Compromise (BEC) is a costly cyber threat, with global losses reaching $6.7 billion in 2023, according to the 2024 Nasdaq Global Financial Crime Report. BEC scams target both individuals and businesses by sending fraudulent emails that appear to be from trusted sources, like colleagues or vendors, to trick recipients into transferring money or disclosing sensitive information.

How Business Email Compromise Works

BEC scams often start with emails that look legitimate, such as a request from your manager or a company leader for an urgent wire transfer to a new account. Scammers may even gain access to company emails through spear phishing (targeted attacks) or email spoofing (forged addresses). To increase their chances of success, they often send emails during busy times or just before holidays, hoping employees will bypass verification. Common scams include requests for fund transfers, urgent invoice payments, or large gift card purchases.

Recognizing Red Flags

Look out for these signs of BEC scams:

• Unfamiliar Payment Requests: Requests for large transfers to new accounts, often with a sense of urgency.

• Slight Account Detail Changes: Account names may appear correct, but routing numbers or other details differ.

• Personal Account Redirection: Requests directing payments to personal rather than business accounts.

Seattle Bank’s Commitment to Protecting Clients

Seattle Bank is dedicated to helping clients recognize and prevent BEC scams. We provide regular fraud prevention updates and follow strict Know Your Customer (KYC) protocols to protect clients. Our Client Experience Team is always available for support when clients detect anything suspicious. We  believe preventing fraud requires a community effort.

Steps to Protect Yourself from Business Email Fraud

While Seattle Bank takes every precaution with client transactions, personal vigilance is essential. Here are ways to protect yourself:

• Verify Requests with a Callback: Use a known, verified phone number to confirm any suspicious request.

• Employee Training: Educate employees, particularly those in finance and accounting, on recognizing BEC tactics to boost confidence in spotting fraud.

• Transaction Monitoring Tools: Implement tools that flag unusual transactions, especially transfers to unfamiliar accounts.

• Multi-Factor Authentication (MFA): Secure sensitive systems with MFA to prevent unauthorized access, even if credentials are compromised.

By working together, we can help prevent costly mistakes and keep your finances safe from business email fraud.