Don't Fall for Business Email Compromise (BEC) Scams: What You Need to Know

Whether you run a business, work for one, or just manage your own finances online, BEC scams can affect you. They're sneaky, convincing, and can cost thousands of dollars if you're not careful.

What Is a BEC Scam?

BEC scams happen when a fraudster poses as someone you trust like a coworker, vendor, family member, or even your financial institution to trick you into sending money or sensitive information.

These emails are often very convincing. Scammers might:

  • Pretend to be your boss asking you to wire funds urgently.
  • Claim to be a company you do business with, saying their payment info has changed.
  • Pose as a loved one needing financial help.

They use fake or hacked email accounts and often include personal details, making the emails look legitimate.

According to the FBI, BEC scams caused over $2.9 billion in reported losses in 2023 alone.

How to Protect Yourself

A few simple habits can help you avoid falling for this kind of scam:

  • Always verify before sending money.
  • If you get an unexpected request for a wire transfer, payment, or change in banking info — pause and confirm. Call the person directly using a number you already have.
    • i.e. Wiring instructions for a purchase have suddenly changed.
  • Check email addresses carefully.
    • Scammers use email addresses that look very close to the real thing (like jsmith@company.com instead of j.smith@company.com).
  • Be cautious with links and attachments.
    • Don't click on links or download files from emails that seem odd or out of place, even if they appear to come from someone you know.
  • Use strong passwords and enable two-factor authentication (2FA).

What to Do If You've Been Scammed

If you think you may have sent money or personal information because of a BEC scam, act fast:

  1. Call BMI Federal Credit Union immediately at 614.707.4000
  2. Report it to the FBI at www.ic3.gov
  3. Secure your email accounts, change your passwords and enable two-factor authentication (2FA) to prevent further access
  4. Document all emails, transaction details, and steps taken

Scammers are getting smarter, but so are consumers. If you ever receive a suspicious message or email- be sure to verify the communication before acting on anything.

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(May 2025)