What type of phishing attack targets organizations to steal money or vital information?

Business Email Compromise (BEC) is a sophisticated form of phishing aimed specifically at organizations. This type of attack typically involves an attacker impersonating a high-ranking company executive or a trusted supplier. The goal is to manipulate employees, particularly those in finance or accounts payable, into transferring money or divulging sensitive information. BEC attacks can be highly effective because they often exploit social engineering tactics that can lead victims to trust the fraudulent communication, making them more susceptible to the scam.

In addition to requesting a transfer of funds, BEC may also be used to obtain confidential data that can be leveraged for identity theft or other forms of financial fraud. The context and urgency typically presented in these fraudulent emails can prompt quick action without the necessary scrutiny, making BEC particularly hazardous for organizations.