Credit: Dreamstime

Business email compromise (BEC) scams generated more than $79 million in financial losses during the past 12 months, partly driven by remote working. 

According to the Australian Federal Police (AFP), more than 3,300 incidents of BEC have been reported to the Australian Cyber Security Centre (ACSC) in the last 12 months, with more than half of these resulting in financial losses.  

BEC usually occurs when cyber criminals intercept legitimate emails or invoices from known transaction partners and change banking details to include fraudulent payment information. 

This usually is used to redirect legitimate fund transfers to alternative accounts.  

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