Scam Alert: Business Email Compromise or Invoice Scams Explained
Flying under the radar for online users is a scam referred to in the industry as a Business Email Compromise (BEC) or, more generally, as an invoice scam. Figures indicate that BEC is costing online consumers billions of dollars and this has become a serious concern for authorities. BECs are subtle and they’re difficult to identify because the sting is often hidden in plain sight, but it is possible to avoid becoming another BEC victim by adopting a few simple precautions.
In the early days, scammers relied on fanciful stories like the Nigerian prince to prey on the naive. But as our social and economic environment evolved, so too did the scams. Looking to prey on the desperate and the disadvantaged, a wave of tempting scams flooded our inboxes with promises of an unclaimed inheritance or prize.
Then, when online shopping became the only practical way to shop during the pandemic, scammers quickly exploited the situation with a variety of locked account and parcel delivery scams.
As we all continue to shift to doing business online, it’s now common practice for businesses to send invoices, receipts and delivery updates via emails and SMS text messages. Naturally, as customers, we instinctively trust the messages we receive from businesses that we have a relationship with.
