The Email Scam That Could Cost You Millions: A Comedy of Errors

What do you know about Business Email Compromise Scams?

Imagine this: You’re sitting at your desk, coffee in hand, and an email pops up from your CEO. It’s urgent. They need you to transfer $60 million to a new account. Now, if you’re thinking, “That’s odd, why not just ask in person?” you’re already ahead of the game. But for one global company, this wasn’t just a thought experiment; it was a $60 million lesson in email security.

The Comedy of Errors

In what might be the most expensive game of “whoops” ever, a company was recently conned out of millions through what’s known as a Business Email Compromise (BEC) scam. Here’s the punchline: no high-tech hacking was involved. Just a well-crafted email that looked legit enough to fool even the sharpest of suits.

Why This Matters to You

According to posts buzzing around on X, these BEC scams are not just a one-off. They’re a growing trend, with victims losing nearly $3 billion in 2023 alone, as reported by the FBI’s IC3 data. That’s a lot of coffee money!

Spotting the Scam

So, how do you avoid being the next star in this comedy of errors of Business Email Compromise Scams?

• Check the Email Address: Scammers might get close, but rarely exact. Look for slight misspellings or domain changes.
• Urgency is a Red Flag: If the email screams “URGENT” and demands immediate action, take a breath. Real emergencies usually have more than one point of contact.
• Verify Requests: If your boss suddenly needs millions transferred, maybe just pop your head into their office or give them a call. If they’re on vacation, that’s even more reason to verify.
• Look for Odd Language: If your CEO usually signs off with “Best regards” and suddenly ends with “Warm wishes,” it might not be them. Scammers often miss the nuances of tone.

The Moral of the Story

Educating your team on these scams isn’t just smart; it’s essential. A little skepticism can save a lot of money. Remember, if it sounds too urgent or too good to be true, it probably is. Alpha Mail and Alpha Desktop could be the solution to avoiding BEC scams, give us a call today!

For more laughs and insights into how not to become the next BEC victim, check out these credible reads:

• Tech Radar on Phishing Attack Scams
• What is Business email compromise?
• What does the FBI say about BEC?

Stay sharp, stay safe, and maybe, just maybe, keep that coffee close. It might just save your company millions.