Business Email Compromise (BEC) isn’t new, but it’s rapidly becoming one of the most financially devastating threats facing California companies. Unlike traditional phishing, these attacks are highly targeted, use social engineering, and increasingly leverage AI to mimic trusted contacts and bypass security filters.
In 2023 alone, BEC scams caused $6.7 billion in global losses. And according to research from Perception Point, incidents surged 42% in just the first half of 2024. These aren’t just numbers, they’re warnings.
If your business sends invoices, transfers funds, or works with external vendors (and let’s face it, most do), you’re a target.
What Makes Business Email Compromise So Dangerous?
BEC attacks don’t rely on malware. They don’t need fake attachments. Instead, they prey on trust and human error, two things even the best employees can struggle with under pressure.
Here’s why they’re so effective:
🎯 Highly personalized: They impersonate real people — your CEO, your CPA, or a vendor you use.
🏦 Costly: The average BEC attack leads to losses over $137,000.
⚠️ Hard to reverse: Once money or data is gone, it’s rarely recovered.
📉 Damaging to trust: Clients and employees may lose confidence in your organization.
Common BEC Scenarios You Need to Watch For
These scams come in many forms:
- Fake Vendor Invoices
A cybercriminal impersonates a real vendor and sends a realistic invoice requesting payment to a new bank account. - Executive Impersonation (CEO Fraud)
An attacker pretends to be a C-level exec, sending urgent payment instructions to a staff member. - Compromised Email Accounts
A legitimate account is hacked and used to send malicious emails to vendors, clients, or team members. - Third-Party Spoofing
Trusted partners are mimicked with near-identical domains to fool your team into wiring funds or sharing sensitive info.
How to Defend Against BEC Attacks
The good news? You can dramatically reduce your risk with the right tools, training, and policies in place:
🧠 Train Like It’s Game Day
- Educate your team to recognize red flags: urgency, unusual tone, or changed payment instructions.
- Require verbal confirmation for all major financial or sensitive requests.
🔐 Enforce Multifactor Authentication (MFA)
- MFA on email and financial systems is non-negotiable.
- Even if a password is stolen, MFA can prevent unauthorized access.
🧾 Test and Verify Your Backups
- A good backup is useless if it can’t be restored.
- Test full restores regularly, especially on financial systems.
📧 Strengthen Email Security
- Use advanced email filters to catch spoofing attempts and malicious links.
- Regularly audit user access and promptly revoke access from former employees.
☎️ Always Confirm Financial Transactions
- Never approve major changes or payments based solely on an email.
- Use a second channel (like a phone call) for verification.
BEC Isn’t Going Away, But You Can Stay Ahead
As attackers grow more sophisticated, so must your defenses. BEC scams are avoidable, but only if your team, tools, and processes are aligned.
If you’re unsure how exposed your business is or whether your current setup could withstand one of these attacks, it’s worth getting a second opinion.
🔍 Need a professional evaluation of your systems?
Synergy Computing, Inc. is one of the trusted IT and cybersecurity partners serving California’s business community. They offer cyber risk assessments that help uncover gaps and recommend steps tailored to your specific environment.
👉 Click here to schedule a FREE Cyber Risk Assessment with Synergy Computing