Threat · Business Email Compromise

Business Email Compromise: the fraud that pretends to be your own people.

BEC: the most expensive cyber threat facing SMBs

BEC is not a technical hack. Criminals exploit trust, authority and time pressure to push employees into making payments or sharing sensitive information. With AI these attacks have become rapidly more professional: flawless language, cloned voices, simulated video calls. The traditional cues that gave fraud away no longer work.

By the Attic Lab security team

BEC costs Dutch SMBs millions

SMBs are particularly vulnerable. Research shows that 70% of SMBs receive BEC attempts weekly, and the average loss from a successful attack is € 118,000 (FBI IC3 2024).

€ 118,000

Average loss per BEC incident. For many SMBs, an existential threat.

40%

Of all BEC phishing emails is AI-generated. Social engineering rose 135% after ChatGPT launched.

72 days

In one documented case, attackers observed for 72 days before striking. They knew every detail of pending transactions.

Known Dutch BEC cases

Source: NCSC publication BEC — Practical guidance for SMBs, April 2026.

Organisation Loss Method
Pathé Netherlands € 19.2 million CEO fraud via email
Jewometaal Rotterdam € 11.4 million CEO fraud — phone + email (voice deepfake)
Rijksmuseum Twenthe € 2.85 million Invoice fraud via intercepted emails
Financial services firm € 1.5 million Bank account change
Elco (Helmond / Aarle-Rixtel) € 771,760 — bankruptcy Spoofed CEO email addresses

At Elco, a family business disappeared because of one successful attack. The administrator called it "quite a chunk out of the trousers" — an understatement.

The five stages of a BEC attack

BEC attacks usually follow the same pattern. Knowing the pattern lets you catch the attack before the payment leaves.

  1. 1

    Reconnaissance

    LinkedIn, company website, press releases and data leaks. Who approves payments? Who works in finance?

  2. 2

    Gain access

    Phishing email with a fake login page, MFA bypass via AitM, stolen credentials from the dark web, or malware via a fake invoice.

  3. 3

    Observe and learn

    Patiently reading along in the mailbox. In one documented case for 72 days. Which invoices are pending? Who is on holiday?

  4. 4

    The attack

    An urgent CEO request, a "corrected" invoice, or a vendor who has "just" changed bank details. Timing: right before a holiday or on Friday afternoon.

  5. 5

    Launder the money

    Within hours dispersed across several countries, converted into crypto or cash. Reversal is then virtually impossible.

The attack rarely strikes out of the blue. It usually starts with a successful AiTM phishing attack that bypasses MFA, followed by weeks of silent observation. Only when the attacker knows every detail of a pending transaction does the fraudulent payment request arrive — at precisely the right moment.

AI has rewritten the rules

Until recently you spotted fraud by bad grammar and spelling. That era is over. Criminals now write flawless Dutch, clone voices, and simulate live video calls with the director.

Flawless phishing emails

ChatGPT and similar tools produce error-free Dutch, mimic the writing style of your executive, and tailor tone to the recipient.

Voice deepfakes

With seconds of audio (from a corporate YouTube video) a CEO's voice can be cloned for live use on a phone call. Jewometaal lost € 11.4 million this way.

Video deepfakes

In Hong Kong an employee joined a video call with a "CFO and colleagues". Every participant was a deepfake. Loss: € 23.7 million.

Spear-phishing at scale

Where one attacker once hit one company at a time, AI now targets hundreds in parallel with bespoke messages.

No longer works

  • Relying on spelling mistakes
  • Relying on language patterns
  • Email verification alone
  • Relying on voice recognition

Works

  • Always call back via a known number
  • Four-eyes principle on every payment
  • Phishing-resistant MFA (FIDO2, Windows Hello)
  • Verification questions only the real person can answer

How Attic stops BEC in Microsoft 365

The NCSC publication describes 19 concrete technical measures against BEC in Microsoft 365. Attic covers every stage of the attack chain — from the first phishing email to executing the remediation when someone does click.

FREE

Stop AiTM phishing at the browser

Measure 004

Attic FREE warns employees with a red alert screen on fake login pages and shows an authenticity seal on real Microsoft 365 pages. Prevents session-cookie and MFA-token theft — the most-used entry point to BEC.

More about FREE
BOUNCER

Keep phishing and spoofing at the door

Measures 002 · 003 · 005 · 008 · 015

SPF, DKIM and DMARC configured correctly. Direct Send disabled. Safe Links and Safe Attachments on. Risky attachments like .html blocked. Internal and outbound traffic is scanned for phishing markers too — not just inbound mail.

More about BOUNCER
MDR

24/7 detection of what does get through

Measures 007 · 011 · 012 · 013

Sign-ins from unusual locations, impossible-travel, audit-log tampering, new MFA exceptions on admin accounts — our MDR catches the tactics attackers use between "inside" and "striking". Unified Audit Log on and centrally watched.

More about MDR
FIXER

Automated response in seconds

Measures 009 · 016

If an account is taken over, Fixer steps in immediately: revoke active sessions, block external mailbox forwarding, withdraw suspicious OAuth apps, force a password reset. What normally takes hours happens in seconds — before the attacker can set a forwarding rule.

More about FIXER

For IT administrators and MSPs: the full mapping between Attic functionality and the 19 measures from the NCSC technical advice (covering 27 MITRE ATT&CK techniques) is available on request. Book a technical call →

Show all 27 ATT&CK techniques
T1598T1672T1110.003T1539T1557T1566.002T1621T1078.004T1059T1204T1098.001T1556.006T1671T1068T1562.001T1564.008T1538T1534T1537T1566.003T1114.002T1114.003T1530T1078T1567T1656T1657

Five questions to put to your IT provider — today

The NCSC publication lists five concrete questions to gauge whether your MSP is taking BEC seriously. We answer "yes, and here's how" to all five.

1

"How do you protect us against phishing and BEC attacks?"

Ask about email filters, impersonation protection and anti-spoofing.

2

"Do you monitor suspicious sign-in attempts?"

A stolen password should be visible in minutes, not at the next routine check.

3

"Is phishing-resistant MFA enabled on all accounts?"

SMS codes and standard push notifications are no longer sufficient. FIDO2 or Windows Hello are.

4

"How quickly are we notified of an incident?"

In BEC, every minute counts. Ask for concrete response times, not "best effort".

5

"Can you help us with awareness training and simulated phishing?"

Awareness depends on regular practice, not one annual e-learning.

The NCSC publication — openly available

Two documents, no form. A practical handbook for management and a worked-out technical advisory for your IT provider. Both are Dutch-language.

© Nationaal Cyber Security Centrum (NCSC), Dutch Ministry of Justice and Security. April 2026.
Produced via Cyclotron, with Attic Security, Orange Cyberdefense, Invictus and Tesorion.

BEC frequently asked questions

BEC is a form of fraud in which criminals impersonate a trusted person — usually a director, colleague or supplier — to trick employees into making payments or sharing sensitive information. It is not a technical hack: criminals exploit trust, authority and time pressure. According to NCSC and the Dutch police, BEC is one of the most expensive cyber threats facing Dutch SMBs.
CEO fraud is one variant of BEC in which the attacker impersonates an executive. BEC is broader and also covers invoice fraud (changed bank account on a real invoice), vendor fraud (a "new bank account" from a regular supplier) and account takeover (the real mail account is taken over via AiTM phishing).
Often not, or only partially. Many policies exclude BEC if basic measures such as MFA were missing. After an incident, premiums rise sharply or renewal is refused. Banks also do not refund this type of fraud, because you authorised the payment yourself. This is exactly why prevention and fast detection matter so much more than recovery.
The FBI reported an average loss of € 118,000 per BEC incident in 2024. In the Netherlands losses range from tens of thousands to tens of millions of euros — Pathé lost € 19.2M in 2018, and at Elco in Helmond / Aarle-Rixtel a loss of € 771,760 led to the bankruptcy of a family business.
Yes, within 72 hours, if an attacker had access to mailboxes or personal data. This obligation follows from GDPR (in the Netherlands, via the Autoriteit Persoonsgegevens). The AP then assesses whether affected individuals must be informed. In addition to the AP, contact [email protected] and file a police report. NCSC publishes specific guidance on incident response and forensic readiness.
Five steps, in this order: (1) Call the bank immediately to stop or recall the payment. (2) Report to the Dutch police via 0900-8844 or politie.nl. (3) Have mailboxes and Microsoft 365 inspected by your IT provider or a forensic expert — check mailbox rules and forwarding settings. (4) Reset passwords for all affected accounts and revoke active sessions. (5) Inform potential recipients of emails the attacker sent from your account. Need help now? Our incident response runs 24/7.

Awareness is the foundation. Detection finishes the job.

The NCSC closes the publication with: "At its core, BEC protection is not about technology, but about people." We partly agree — and have built the technology for the moment a human hesitates.