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How Financial Institutions Can Combat Business Email Compromise (BEC)

Fi911

Banks and credit unions face a perfect storm of attractive targets, sophisticated attackers, and mounting regulatory scrutiny that makes BEC prevention a critical priority. Understanding BEC Attack Vectors in Banking Modern BEC attacks against financial institutions follow predictable patterns.

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Cyber Threats Surge in India’s Financial Sector

Fintech News

The surge of deepfakes The rise of AI has also led to a surge in deepfake attacks. The technology is enabling large scale impersonation scams, including executive-level business email compromise (BEC) attacks and misinformation campaigns. Losses are projected to reach INR 700 billion (US$8.3 billion) in 2024 alone.

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Deepfakes Threaten To Become The New BEC Scam

PYMNTS

The business email compromise (BEC) scam continues to rear its ugly head at the enterprise, with the global pandemic creating even more avenues through which cyber attackers can steal company money. At the heart of BEC and other scams is impersonation.