Business email compromise (BEC) is one of the most financially damaging online crimes. It exploits the fact that so many of us rely on email to conduct business—both personal and professional. It’s also known as Email Account Compromise (EAC).

In this scam, fraudsters send an email message to companies that appears to come from a known source ( Vendor / supplier) making a legitimate request to change bank account details to transfer regular / future payments.

This is how fraudsters carry out BEC scam:

  • Spoof an email account or website. Slight variations on legitimate addresses ( vs. fool victims into thinking fake accounts are authentic.
  • Send a spear-phishing emails. These messages look like they’re from a trusted sender to trick victims into revealing confidential information that let criminals access company accounts and other details needed to carry out the BEC fraud.
  • Use malwares /viruses. Malicious software can infiltrate company networks and gain access to legitimate email threads about billing and invoices. That information is used to send messages so accountants or financial officers don’t question payment requests.
  • False Invoice Scheme: Attackers commonly target foreign suppliers through this tactic. The scammer acts as if they are the supplier and request fund transfers to fraudulent accounts.

How to protect yourself:​

  • Be careful with what information you share online or on social media.
  • Don’t click on anything in an unsolicited email or text message asking you to update or verify account information.
  • Carefully examine the email address, URL, and spelling used in any correspondence.
  • Be careful what you download. Never open an email attachment from someone you don't know.
  • Callback to verify payment and purchase details requests in person if possible to make sure it is legitimate.
  • Be especially wary if the requestor is pressing you to act quickly. ​

If you notice any unusual/ suspicious transaction on your account, please contact ADIB immediately on our 24/7 Call Center at Fraud Hotline: +971 26100116 ​