The Payments Innovation Alliance’s Cybersecurity & Payments AI Project Team has released a Business Email Compromise (BEC) Response Action Plan. This publication is an essential guide for companies that have fallen victim to BEC scams and provides crucial steps organizations can take to actively mitigate the risk of becoming a target.

Business Email Compromise scams are a rapidly growing threat, with criminals sending fraudulent emails that appear to come from known sources, making legitimate requests. These can include a vendor sending an invoice with an updated payment address or payment account information. The impact of these scams is significant, causing substantial financial and reputational damage. BEC scams resulted in a staggering $2.9 billion in losses in 2023 alone.

The BEC Response Action Plan details what to do if an organization is impacted and practical steps to take to prevent business email compromise from occurring. Key highlights include:

• Immediate Response Steps: Detailed actions to take if a company falls victim to a BEC scam.
• Prevention Strategies: Proactive measures to reduce the risk of BEC attacks.
• Educational Resources: Tools and guides to educate employees and stakeholders about BEC threats and prevention techniques.
• AI and Cybersecurity Insights: Exploration of how artificial intelligence can both pose risks and offer solutions in the realm of cybersecurity.

Click the Read More link below to download the Business Email Compromise Response Action Plan.