The Rising of BEC & EAC

Criminals hacking into email accounts isn’t anything new. This particular scam, BEC (Business Email Compromise) & EAC (Email Account Compromise), involves cybercriminals pretending to be someone they’re not and tricking their victims into sending money where it isn’t meant to be, all because they were able to access your email account. Think of this as your modern day “Little Red Riding Hood”.

In 2021, there were 19,954 complaints received, totaling in losses of nearly $2.4 billion dollars.* 

Anyone with an active email account, business or personal, should be concerned about these types of threats. Common historical targets included:

• Requests for W-2 Information (ex. a “new” HR manager requesting your information)
• Compromised Vendor Emails (ex. emails coming from verified vendors that your company has worked with, but the vendors account has been compromised)
• Real Estate Sector (ex. wiring money for the closing of a newly purchased home, except the funds don’t make it to the right account)
• Fraudulent Requests for Large Amounts of Gift Cards
• New: Hacked Virtual Meeting Platforms (ex. Skype, Slack, Microsoft Teams, Zoom, etc. where a company leader may not come on camera [because it’s the hacker using your company leaders compromised account] and directs the team to send money on their behalf)

With IDSeal, there are multiple features that you can use to help avoid this type of fraud. ¹ Here are some features that you may want to utilize to get started:

• Financial Transaction Monitoring | Using this identity theft protection feature will help alert you if there are large sum transactions in any of your connected accounts
• Login Credentials Vault | Scan your devices for any saved login credentials then delete them or encrypt them by using your Login Credentials Vault. Speaking of passwords, using a strong password is highly recommended. You can check your password strength within your Login Credentials Vault.
• Dark Web Scanner | Check to see if your email address or password has been found on the Dark Web. If found, IDSeal Pro-Tec advises you on what steps to take to help secure your account.
• VPN (Virtual Private Network) | Use a secure connection that encrypts any information that you send while using the internet. Think of this like selecting the “Amazon Packaging” instead of the actual package that your shipment is coming in, to hide what is inside. Except, this is very secure, not break-open-with-a-box-cutter secure.

Some other ways to keep fraudsters out of your inbox:

• Use Multi-Factor Authentication
• Be Wary of False Sense of Urgency
• Review Domain Names and Email Addresses for Accuracy
• Prohibit Any “Automatic Forward to External Addresses” Settings

IDSeal provides you with many tools to help you protect your identity, through device protection with IDSeal Pro-Tec, to the many identity theft protection features in the member portal. We know that cybercriminals are always looking for new ways to steal; be sure you are vigilant in protecting what matters most to you.

Give them nothing to steal with IDSeal! Click here to get started.

*Source: https://www.ic3.gov/Media/PDF/AnnualReport/2021_IC3Report.pdf

¹ It is not possible to prevent all identity theft or cybercrime, or to effectively monitor all activity on the internet. IDSeal cannot and does not guarantee complete protection against cybercrime or identity theft. IDSeal does not monitor the activities of all financial institutions, or all activities of any particular financial institution.

IDSeal Pro-Tec provides tools and resources to protect your data and identity, but no one can prevent all cybercrime or identity theft. Your own efforts are important to prevent unauthorized access to your personal information.