There’s a new kind of scam costing companies billions.
It’s called Business Email Compromise (BEC), and it's quietly wreaking havoc across the finance world. One email, one distracted click, and boom—funds are rerouted, sensitive data is exposed, and your reputation takes a hit.
Let’s be clear: BEC isn’t about poor password practices or obvious phishing attempts. These attacks are highly targeted, social-engineered cons designed to trick even your most security-savvy employees. And finance departments? They’re the prime targets.
BEC is a type of cybercrime where attackers pose as a trusted contact (usually an executive, vendor, or client) to trick employees into disclosing sensitive information, such as money or credentials.
Here’s how it usually works:
If your job involves moving money or managing vendor payments, congrats; you’re in the scammers’ spotlight. BEC actors do their homework. They monitor executive social media accounts, track travel schedules, and extract information from press releases. They know when to strike and who to impersonate.
And with finance teams managing everything from payroll to accounts payable, it’s easy to miss the tiny red flags that signal a spoofed email.
Let’s talk consequences. A successful BEC attack can lead to:
Even worse, most cyber insurance policies won’t fully cover BEC-related losses if your security practices aren’t up to par. So if you think being insured is your safety net, you might want to read the fine print.
Now for the good news: BEC is preventable. Here’s how to build your defense.
Use Email Authentication Protocols
Implement DMARC, DKIM, and SPF to prevent spoofed emails from reaching inboxes.
Require Multi-Factor Authentication (MFA)
Make it difficult for attackers to access your email systems, especially for executives and finance staff.
Train (and Retrain) Your Team
Security awareness isn’t one-and-done. Conduct regular phishing simulations and teach your team how to spot suspicious emails, such as sudden urgency, payment changes, or oddly phrased requests.
Confirm Changes Over the Phone
If a vendor asks to change payment info, pick up the phone and verify it with a known contact. Email alone is not enough.
Segment Your Systems
Don’t give one login the keys to the kingdom. Use role-based access controls to minimize the damage if credentials are stolen.
Partner With a Security-Focused IT Provider
You don’t need to figure this out alone. An IT partner will help you implement proactive monitoring, real-time alerts, and smarter email security, without slowing down your day-to-day.
In finance, speed, trust, and verification matter. One fake invoice or wire request can undo years of careful budgeting and relationship-building. And if you’re relying on outdated email filters to stay secure, it’s time for an upgrade.
PCS helps finance teams tighten their defenses and stay ahead of the scammers. From smart email security to layered threat protection, we build strategies that match your risk and reality.
Let’s keep your money and reputation where they belong. Start with a Free Network Assessment!