Since late last year, the amount of money earned from business email compromise (BEC) attacks has risen drastically. This new scheme sees scammers posing as business executives over email and asking investors to wire them large sums of money. With this new method of targeting large investors, scammers are hoping to score larger sums of money from a smaller subset of victims. Experts currently report that this BEC trend isn’t well executed because of the variety of targets that have been contacted and the lack of knowledge in the investor industry. While there are some pitfalls to this scam, experts report that threatening investors with interest charges and forfeiture of the investment causes a much faster payout. This psychology technique is what’s causing scammers to be successful. In order to avoid falling victim to a BEC attack of this nature, investment organizations need to implement verification policies before payments are released.
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