What are Business Email Compromise (BEC) and Invoice Fraud?

Business Email Compromise (BEC) and Invoice Fraud use social engineering tactics to deceive businesses into making fraudulent payments. BEC involves impersonating high-ranking company executives or partners, while invoice fraud involves posing as legitimate suppliers or service providers.

Common Signs:

Urgent emails requesting wire transfers or sensitive information.

Emails with slight variations in the domain name (e.g., @ciimb.com instead of @cimb.com).

Invoices requesting payment to new or unfamiliar accounts.

Unsolicited payment requests or changes to payment procedures.

Prevention Tips:

1. Verify payment requests and changes via a different mode of communication.

2. Train employees to recognize and report suspicious emails or requests.

3. Run antivirus and malware scanning regularly to detect and block fraudulent emails.