Vendor email compromise (VEC) and business email compromise (BEC) are both tactics utilized by malicious actors to exploit electronic messaging systems and target unsuspecting victims. While VEC and BEC attacks share similarities, they also have distinct differences that organizations need to be aware of in order to protect themselves and their employees.
VEC attacks involve a cybercriminal impersonating or compromising a vendor’s email account to deceive customers. These fraudulent communications often request money, sensitive information, or actions that could benefit the attacker. VEC scams are frequently conducted through highly targeted phishing attacks against a vendor and its customer supply chain, leading to significant financial losses for businesses globally.
On the other hand, BEC attacks, while similar in tactics, target an organization’s internal employees with access to financial accounts and systems. These attacks often involve impersonating high-level executives or trusted partners to trick employees into transferring funds or divulging sensitive information.
The process of a VEC attack typically follows a series of steps, starting with comprehensive research on the targeted vendor to gather specific information. This is followed by phishing attacks to obtain access to email accounts, account takeover and monitoring to gather relevant information, and finally, the execution of the attack to deceive customers into making fraudulent payments.
To detect and prevent VEC attacks, organizations should implement various security measures, including monitoring and filtering email traffic, conducting regular security awareness training for employees, implementing strict access and security controls, using email authentication technical controls, and requiring multi-factor authentication to enhance security measures.
By understanding the differences between VEC and BEC attacks and taking proactive steps to enhance email security and employee awareness, organizations can better protect themselves against the growing threat of email compromise scams. It is essential for businesses to stay vigilant and continuously update their security measures to prevent falling victim to these malicious tactics.