A Single Click Could Cost Millions: The Rise of Business Email Compromise in Europe.
It starts with a single email. No flashy malware or complicated software, just a simple message that looks… well, legitimate.
The CEO asking for a wire transfer. The finance director requesting urgent payment to a “new” supplier. In an age where we trust the inbox more than our instincts, it’s a formula for disaster. Business Email Compromise (BEC)—one of the most profitable and insidious forms of cybercrime affecting businesses across Europe today. And the numbers are jaw-dropping.
In 2020, BEC attacks accounted for more than €1.8 billion in losses worldwide, with Europe holding a hefty share of that pie. Yet, because this type of cybercrime doesn’t always involve dramatic hacking or breaches, it flies under the radar for many companies until it’s too late.
The Scam: Simple, But Devastating
Here’s how it works: A hacker gains access to a legitimate business email account—often through phishing or social engineering. Once they’ve infiltrated the company’s email system, they monitor communications for a period, learning how business transactions are made. Then, they strike.
The attacker sends an email that seems completely normal—perhaps asking for a payment to a trusted vendor or directing funds to a seemingly legitimate account. The email looks authentic, sometimes so much so that the recipient doesn’t think twice before processing the request.
But when the wire transfer is made, the money has vanished, funneled into a personal account halfway around the world.
Why Europe Is a Prime Target
So, why is Europe such a hotspot for BEC attacks? The reasons are as varied as the continent itself, but a few stand out:
- Cross-Border Transactions: European businesses are no strangers to international trade, and this increases the likelihood of financial transactions being transferred abroad. BEC hackers take advantage of this by using complex international networks to launder stolen money.
- High Volume of Small and Medium Enterprises (SMEs): In many parts of Europe, SMEs are the backbone of the economy. These businesses often lack the sophisticated cybersecurity defenses of larger corporations, making them prime targets for BEC attacks.
- Multilingual Environment: While multilingualism is an asset in Europe, it also creates vulnerabilities. Attackers can tailor their emails to appear in the native language of the target, making the scam even harder to detect.
How to Avoid Falling for It
BEC attacks are clever. But they’re not foolproof. And with a few best practices, your business can dodge the bullet.
- Two-Factor Authentication (2FA): If you’re not using 2FA for sensitive accounts, it’s time to start. Adding an extra layer of verification can stop attackers from accessing your email accounts, even if they’ve stolen your login details.
- Employee Training: Your first line of defense against BEC is an informed workforce. Regularly train employees—especially those in finance or accounting—on how to spot phishing emails and verify suspicious requests.
- Verify Before You Pay: Don’t take emails at face value. If you get a strange payment request, pick up the phone. Verify the request with the person directly. It may seem like an extra step, but it could save you millions.
- Use a Secure Payment System: Consider setting up an internal payment system that requires multi-step verification before any transaction over a certain amount is approved. It’s a hassle, yes. But it’s a small price to pay compared to the cost of a major financial breach.
The Cost of Doing Nothing
Europe is a prime target for Business Email Compromise—and it’s not going away. The problem is growing as cybercriminals become more sophisticated and businesses continue to ignore the risks. The question is no longer whether your company will be targeted—it’s when.
If there’s one thing you take away from this, it’s this: don’t wait for the breach to happen before you act. Take steps now to protect your organization from BEC. The good news is, these attacks are avoidable. But only if you stay one step ahead.
Again
BEC might start with a simple click, but the consequences are anything but simple. It’s time for businesses across Europe to wake up to the growing threat. Be proactive, stay informed, and don’t let that next email be the one that drains your account.
