BEC stands for Business Email Compromise is now adopting new techniques that are used to target new investors and may leverage seven times greater payout while comparing to the average.

For example; When an investor is ready to buys into the organization’s investment fund, the organization told the investors to hold their money until they need them. This entire agreement authorizes the investors to keep the money and gain interest by sitting on the fund and can be used when needed.

However, the organization is ready to take the investor money, then they have to issue a notice called Capital Call, this is a formal request notice send to the investor while using the money.

How BEC Scammers Target Wall Street?

According to the investigation, the security researchers said that the hackers are issuing fake capital call notices and use the investor’s money for their uses.

The Email Fraud and Identity Deception report said that the average amount used in wire transfer in the BEC scam is about $72,000. These types of scams are impersonating the vendors and notified the victims while sending the money into their account that they used.

This Fake Capital Call notice issues the average amount of $809,000 which is 7 times greater than the usual wire transfer scam, the hackers start utilizing them victims in the hope of stealing the larger amount of transfer.

Security experts also said that the attackers are sending malicious emails to the known investors and also delivers the capital call notices the request the payment for further investments.

They also added that the hackers do not have any insider details by accessing and requesting the capital call payments. The hackers also requesting payments for multiple fake investments that were not seen for years.

The sent emails have consisted of the centrum.cz webmail provider that was based in the Czech Republic and these emails also hold the Capital Call Notice as an attachment and demands the fake investments.

As the money is credited into the attacker’s account, they quickly withdraw the money from multiple sources so that the bank was unable to return the money to the victims. These wire transfer scams are using different techniques depends on the victims targeted and the hackers always try to withdraw a larger amount of money.

How to Prevent these Attacks?

While defending these attacks, both the investors and the organization use strong email security. They also use a multi-layer approach while securing the emails from phishing mail and unauthorized access. These techniques will safeguard the emails from updated deception attacks and brand spoofing.

Whereas, all the organization had to follow the formal process while handling the outgoing payment requests, particularly in case of the payment information is updated and not mentioned in the agreement.

However, the best way to revoke these attacks is to confirm the wire transfer directly with the organization over a phone call or face-to-face meetings. Aware remember to not call on the number mentioned in the emails, call the known person or organization directly while conforming to the payments.