July 27, 2021

BEC scams hit construction companies; ACSC issues medium alert

The Australian Cyber Security Centre (ACSC) has notified construction companies to be more alert after it observed that there was a rise in BEC scams in the industry.

The ACSC has issued a medium alert for construction companies and their customers after it observed that in the past six months, there has been a rise in cybercriminals conducting business email compromise (BEC) scams, targeting builders and construction companies within the country.

The ACSC explains that a BEC scam involves cybercriminals sending fraudulent emails posing as a legitimate business.

The emails target customers and will ask them to change bank account details for future invoice payments. Victims tend to assume that the request is authentic, and will then send invoice payments to a bank account owned by the scammer.

The ACSC says these fraudulent emails may come from hacked email accounts, or…

Read full article here: itwire.com