There are so many different types of threats that businesses need to be aware of today. Hackers are getting more and more sophisticated all of the time and they are using an array of techniques to try and breach companies’ defenses. This is why you need to be aware of all of the common threats so that you can educate your employees and protect your business. Inboxy is a great resource to look into if you have an interest in keeping your business safe and running.

One of the most common threats to businesses is email scams. Around the world, $5.3 billion has been targeted in the past three years from cyber criminals using a tactic called Business Email Compromise (BEC). Accountants around the world, such as CPA, have experience with clients who have noticed suspicious activity, i.e. money taken from their account, which has stemmed from an email scam. 

Moreover, according to the FBI, there has been a 300 percent increase in the amounts of money stolen in the United States by threat actors who target email addresses. Of course, this is a problem that is not unique to the US; it is impacting businesses here in Australia too. In fact, statistics show that we are the second-most targeted country after the United States. 

The good news is that this is not something you simply have to sit back and accept. There are a number of different things that you can do to fight back and protect your business from email-based scams.

What are the different types of email-based scams?

There are a number of different types of email-based scams that you need to be aware of. Some of the most common are as follows:

• Business Email Compromise (BEC) – This is also commonly referred to as CEO phishing. It occurs when an email address appears as it comes from a senior member of the business, for example, the CFO or CEO. The email states that an urgent transfer of money is needed. With the email appearing to come from a very important person, the aim of the cyber criminal is that the recipient of the email will act quickly, without taking the time to look at the email address properly or verify the authenticity of the message. 
• Invoice Scams – Another one of the most common types of email scams that businesses need to be aware of is invoice scams. In this instance, a company will receive an invoice via email from what appears to be a supplier. However, the supplier’s account has bee compromised by a cyber criminal. The recipient does not question the payment details because the invoice looks legitimate. This sort of scam can also occur when you receive an email from a supplier asking you to cancel a recent payment and to make a new one.

To conclude, there is no denying that the threat of email-based scams is a very real one. However, if you follow the advice that has been provided in this blog post, you can go a very long way to ensuring that your business does not fall victim to Business Email Compromise (BEC).