Imagine receiving an email from your regular vendor explaining that their banking information has changed.

The message looks legitimate. The invoice is expected. The payment is due today.

But there's one problem: The email is fraudulent.

This is an example of business email compromise (BEC), a scam in which criminals impersonate trusted individuals or organizations to trick employees into transferring money, sharing sensitive information, or taking other harmful actions.

Common BEC Scenarios

• A vendor requests payment to a new bank account.

• An executive urgently asks an employee to wire money.

• A criminal impersonates an attorney handling a confidential business matter.

• A compromised email account is used to send fraudulent invoices to customers.

• Someone posing as an HR representative requests confidential employee information.

Three Ways to Reduce Your Exposure

1. Verify payment changes independently. Before sending money to a new account, confirm the change using a known phone number or another trusted communication channel.

2. Follow established approval procedures. Never bypass payment controls because a request appears urgent or comes from someone in a position of authority.

3. Treat unusual requests with caution. Be especially careful when someone asks you to keep a transaction confidential, change normal procedures, or act immediately.

What If You Suspect a Scam?

Don't respond or send the payment.

Report the message to the appropriate internal contact and follow your company's procedures. If funds have already been transferred, contact your financial institution immediately and notify the appropriate internal personnel.

Concierge Insight

Never rely on an email alone to authorize a change in payment instructions.

A simple verification process can help protect your business from potentially significant financial losses.