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What is a BEC Scam?

Business email compromise (BEC) scams are a type of fraud in which attackers gain access to an email account belonging to an individual who has control over financials and use it to scam the company or its clients out of money. Scammers use phishing or social engineering tactics to trick victims into entering email credentials on a fake login page.

Imagine you're traveling and your smartphone is running out of battery. You're in a rush to send an SMS message, and you notice a public charging station nearby in the airport terminal. You plug your phone into the USB port of the charging station, but you don't realize that the USB port has been compromised by a cybercriminal who has installed a data-stealing device in a charging station.

Can you imagine the horror of someone secretly spying on your personal files or bombarding your contacts with spam links through your own computer? It's a scary thought, indeed.

And despite the dawn of a new year, the menace of computer spyware and malware still looms large over us. With their ability to wreak havoc on our systems, steal confidential data, and compromise our privacy, the stakes have never been higher.

What is SOC 2 Compliance?

With more organizations and individuals relying on the Internet to do business, more hackers and cyber threats boom to take advantage of vulnerabilities that exist in software. Many organizations rely on third-party vendors to store sensitive data and use Software-as-a-Service (SaaS) to conduct day-to-day business. Security-conscious customers demand to know the security of service providers' data storage and the procedures used to access their data as well as the confidentiality of how they handle customers' data. This is where SOC 2 audit comes into play.

Organizations of various sizes face security risks and consequences if they do not secure their information assets. World's largest companies including Marriott International (2018), Equifax (2017), Yahoo (2013-2014), Target (2013) and Capital One (2019) became victims of data breaches, and cost them millions of dollars in losses including reputational damages.

When customers use their credit cards to make online purchases, their personal and financial information is transmitted over the internet between systems. This information includes the cardholder's name, card number, expiration date, and security code. If this information is not properly protected, it can be stolen by hackers and used for fraudulent activities, such as making unauthorized purchases or opening new accounts in the victim's name.

For every $100 chargeback, a small business loses an average of $308. This is far from an insignificant sum for a small business, especially since it will likely happen more than once. An even bigger problem is that the number of chargebacks increases by roughly 20% annually. This means that if you don't resolve this problem soon, things might escalate.