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Glossary

What is business email compromise (BEC)?

A scam in which criminals use a compromised or impersonated business email account to request fraudulent payments or sensitive data, often by changing bank details on a real invoice.

How it works

The FBI describes BEC as a scam that targets businesses and individuals who make legitimate transfer-of-funds requests. It is often carried out by compromising a real business or personal email account, through social engineering or intrusion, and then asking for unauthorised transfers or for employees’ personal information.

A real example

The FBI’s September 2024 public service announcement reports $55,499,915,582 in domestic and international exposed dollar losses from BEC between October 2013 and December 2023, with the scam reported in all 50 US states and 186 countries. Microsoft documented a 2022 campaign in which attackers stole session cookies through phishing, read finance threads in the victim’s mailbox, set inbox rules to hide replies and started payment fraud in as little as five minutes after the theft.

How to train for it

  • Verify any change to bank details on a known phone number, never by replying.
  • Look for small differences in the sender’s domain.
  • Slow down when a payment request is urgent or confidential.

SecurityRing runs supplier bank-detail change and payment-request simulations for finance teams, followed by a lesson on the exact email.

Sources

Every clause, incident and figure above comes from these official or original sources.

  1. FBI Internet Crime Complaint CenterBusiness Email Compromise: The $55 Billion Scam (PSA I-091124-PSA)Published 11 September 2024 · Accessed 17 October 2026.
  2. Microsoft Threat IntelligenceFrom cookie theft to BEC: Attackers use AiTM phishing sites as entry point to further financial fraudPublished 12 July 2022 · Accessed 17 October 2026.