New “BEC-as-a-Service” Trend Means Just about Anyone Can Launch an Attack

Business email compromise (BEC) scams have proven to be a lucrative venture, and the criminals behind them are looking to add another revenue stream to their successful business model: BEC-as-a-Service. These actors make it easy for their customers to impersonate CFOs and other executives to request urgent wire transfers, payment of fake invoices, and other actions designed to divert their targets’ money into their hands. This is bad news in an environment where BEC attacks already cost organizations billions of dollars. Businesses worldwide have lost more than $12.5 billion to BEC scams since 2013, and the rate of BEC-related losses rose by 136% from December 2016 through May 2018. Read the article at Agari.