Protecting Yourself from BEC Scams: Tips and Information

The rise of online scams has become a prevalent issue in today’s digital age, with scammers finding new and creative ways to deceive unsuspecting individuals. One common type of scam that has been on the rise is the Business Email Compromise (BEC) scam, which has been causing significant financial losses across the country.

According to a report by HoustonTech, a Texas-based managed IT service provider, New Jersey saw the second-highest average per capita financial loss to BEC scams in 2023. BEC scams work by exploiting the reliance on email for both personal and professional communication. Scammers will send emails that appear to come from known sources, such as vendors or company executives, and request funds to be transferred or sensitive information to be shared.

In New Jersey alone, there were 628 reported victims of BEC scams in 2023, resulting in a total loss of $140,070,206. With a per capita loss of $15.08, it is evident that BEC scams pose a significant threat to individuals and businesses in the state.

To protect yourself from falling victim to BEC scams, it is essential to be cautious with the information you share online, avoid clicking on unsolicited emails or text messages, carefully examine email addresses and URLs, and verify payment requests in person or by calling the company directly. If you suspect that you have been targeted by a BEC scam, it is crucial to contact your financial institution immediately and report the crime to the FBI’s Internet Crime Complaint Center (IC3).

With the alarming prevalence of BEC scams and their detrimental effects on state economies, it is more important than ever for individuals to stay vigilant and protect themselves from falling victim to online scams. By following simple precautions and being aware of the tactics used by scammers, you can reduce the risk of becoming a victim of BEC scams and other online fraud schemes.