Business email compromise attacks: Risks, consequences, and best practices for secure apps

Overview

Fraudulent emails impersonate trusted entities to trick users into transferring funds or sharing sensitive information. Business Email Compromise (BEC) attacks involve attackers sending fraudulent emails that impersonate trusted entities, such as executives, vendors, or colleagues, to deceive users into transferring funds, sharing sensitive information, or performing unauthorized actions. Attackers often spoof email addresses, use lookalike domains, or exploit compromised accounts to craft convincing messages. In the context of mobile application security, these attacks are particularly effective as users accessing emails via mobile apps may overlook subtle phishing cues due to smaller screens, distractions, or weaker app security controls. These attacks rely on social engineering, exploiting user trust and bypassing technical safeguards to achieve their goals

Risk factors

Business email compromise attacks can arise from:

• Lack of robust email verification protocols.
• Over-trust in email-based communication.
• Absence of multi-factor authentication for critical actions.
• Weak mobile device security, such as disabled auto-updates or unpatched email apps.

Consequences

If an attacker successfully conducts business email compromise attacks, the following could happen:

• Financial loss: Attackers trick victims into transferring funds to fraudulent accounts.
• Credential theft: Sensitive information shared via email can lead to account compromises.
• Reputation damage: Companies may lose customer trust due to fraudulent communications.
• Unauthorized access: Compromise of mobile app credentials, leading to unauthorized access of corporate or financial accounts.

Solutions and best practices

To mitigate the risks associated with business email compromise attacks, organizations should implement the following security measures:

• Email authentication: Use protocols like DMARC, SPF, and DKIM to verify email authenticity.
• User training: Educate employees about recognizing and reporting suspicious emails.
• Transaction verification: Implement multi-step approval processes for financial transfers.
• AI-powered email security: Deploy tools that detect anomalies in email communication patterns.
  
  

Further reading

• The future of AI in cybersecurity: Why nothing really changes