Business Email Compromise
Scammers use social engineering or computer intrusion to trick businesses into paying money.
How it works
Of 40 fraud types, business email compromise (BEC) fraud is the second-highest reported fraud for monetary loss. Also known as CEO fraud or wire fraud, it can involve spoofed or compromised email accounts belonging to a high-level executive that are sent to someone in the business who does its financial transactions. The email requests a wire transfer for what appears to be a valid business reason. Another example involves the fraudster sending a spoofed email from a supplier to a company, requesting payment via wire transfer to a fraudulent account.
How to protect yourself
- Train employees to use good security practices.
- Be aware of unsolicited emails requesting wire transfers for payment.
- Look closely at the email address. It may be slightly altered.
How to report it
If you suspect you’re a victim of a BEC, or attempted BEC, contact the Canadian Anti-Fraud Centre, and your local police or RCMP.
FCNB administers and enforces legislation in the mortgage brokers, payday lenders, real estate, securities, insurance, pensions, credit unions, trust and loan companies, cooperatives, and a wide range of other consumer legislation. If your complaint relates to an area outside of FCNB’s regulated areas, we may refer you to the appropriate reporting agency or organization.