At Signature Bank, your security is important to us. To help you enhance your cyber defenses, we will highlight common cyber-attacks that everyone should be aware of. Check back throughout the year to learn more!
Our first topic is Business Email Compromise (BEC)/Email Account Compromise (EAC).
Business Email Compromise (BEC)/Email Account Compromise (EAC) is a sophisticated email scam that targets both businesses and individuals who perform legitimate transfer-of-funds requests. A fraudster compromises or impersonates an executive, vendor, or trusted contact’s email account with the aim of obtaining access to sensitive business information or other assets.
Not only do victims of BEC/EAC scams incur financial losses, but other damages can also include compromise of sensitive and critical business accounts as well as reputational harm.
Remember, the easiest way to protect yourself from cyber-attacks is to remain vigilant.