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Stolen email credentials and conversations Find personal emails through social media scanning, and spoof friend’s email address so you believe it is from your friendĥ.Spoof enterprise employees’ names to commit CEO fraud.Bulk account creation tools can be used to facilitate numerous accounts.Service provides a promise of confidentiality in terms of protecting legitimate users.Let’s look at how and why these five types of email services are used by cybercriminals. While BEC may be dressed up differently, it is still an email scam at its core. Types of email services used in BEC attacks Additionally, cybercriminals have upped their game from simple hacking and spoofing to leveraging virtual meeting platforms, creating deep fake videos of CEO/CFOs, and using cryptocurrency to make recovering funds harder. The uptick in remote workers using unsecure home networks and personal devices certainly contributed to the increase in BEC losses. And due to the expertise required, ransomware gangs tend to be smaller, whereas BEC actors are organized in a looser, more fluid structure, making it difficult for law enforcement to target the leader. There are a couple reasons why BEC losses continue to dwarf ransomware: BEC attacks are historically less technical and rely heavily on social engineering, whereas gaining residence and launching malware to exfiltrate sensitive data requires more skill and time. But despite being a mainstay in the media, ransomware losses are dwarfed by those associated with BEC attacks the FBI reported in 2021 $2.4 billion in adjusted losses from BEC complaints and $49.2 million from ransomware. Seemingly every day there’s news of another cyberattack leading to a multimillion-dollar ransom demand like the Russian-based, ransomware gang REvil initially demanding $70 million from organizations who were crippled by the Kaseya attack. The five types of include: bogus invoices, CEO fraud (impersonating a c-level employee to ask coworkers for money), account compromise, attorney impersonation, and data theft. Types of email services used in BEC attacksīEC, also known as email account compromise (EAC), is a type of email cybercrime targeting companies with the typical objective of having company funds wired into the attacker’s bank account.What is business email compromise (BEC)?.