A sophisticated scammer targeting businesses that regularly perform wire transfer payments is known as what?

A sophisticated scammer targeting businesses that regularly perform wire transfer payments is often referred to as a business email compromise. This type of scam typically involves the use of fraudulent emails that appear to be from a trusted source within the organization or from a legitimate business partner. The scammer aims to manipulate employees into transferring funds or sensitive information by creating a sense of urgency or legitimacy in their communication.

The key characteristic of business email compromise is the specific targeting of businesses that engage in wire transfers, making it distinct from broader fraud tactics like phishing, which may not focus exclusively on high-value or high-frequency transactions. By leveraging social engineering tactics and often researching their targets in depth, these scammers can effectively deceive individuals and exploit trust, leading to significant financial loss for the businesses involved.

Understanding this concept is crucial for recognizing and preventing such scams, enabling businesses to implement stronger security measures against deceptive practices centered around electronic communication and financial transactions.