Business Email Compromise (BEC) is a type of scam where an attacker impersonates a company executive or a trusted partner to trick employees into transferring money or sensitive information. In the context of cryptocurrency, the stakes can be particularly high due to the irreversible nature of crypto transactions.

Typically, the attacker gains access to an email account or creates a similar-looking one. They then initiate communication with an employee, often using urgency or a legitimate-sounding reason to request a fund transfer. Since cryptocurrency transactions do not allow for chargebacks, once the funds are sent, recovery is nearly impossible.

BEC attacks can also lead to other forms of fraud, such as stealing private keys or login credentials, which can result in significant financial losses. Businesses need to establish strong email security protocols and educate employees on recognizing signs of phishing attempts to mitigate the risks associated with BEC.