Bad Actors Using AI To Target Businesses via BEC

By Mike Vanderbilt, director in Baker Tilly’s data privacy and cybersecurity practice
Nov 20, 2023 9:00 AM ET

Originally published by Mike Vanderbilt on Industry Today

Business Email Compromise – known simply as BEC – often looks like an innocuous email. Yet it’s one of the most financially damaging online crimes.

The FBI estimates BEC has cost companies and individuals more than $50 billion in the last decade. BEC exploits the fact that most companies rely on email to conduct business, and threat actors continue to advance their techniques, now incorporating Artificial Intelligence (AI) into their arsenal.

What is BEC?

BEC is a form of cyberattack that targets organizations and individuals who conduct financial transactions via email. BEC attackers use various techniques to impersonate legitimate business partners, suppliers, customers, or employees, and use this access to request fraudulent payments or sensitive information.

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