Business Email Compromise (BEC) attacks have emerged as serious threats to organizations in recent years, exploiting social engineering and malware to dupe victims into divulging confidential information and executing fraudulent transactions. This paper provides a comprehensive review of BEC attacks, including their principles, techniques, and impacts on enterprises. In light of the rising tide of BEC attacks globally and their significant financial impact on business, it is crucial to understand their modus operandi and adopt proactive measures to protect sensitive information and prevent financial losses. This study offers valuable recommendations and insights for organizations seeking to enhance their cybersecurity posture and mitigate the risks associated with BEC attacks. Moreover, we analyze the Greek landscape of cyberattacks, focusing on the existing regulatory framework and the measures taken to prevent and respond to cybercrime in accordance with the NIS Directives of the EU. By examining the Greek landscape, we gain insights into the effectiveness of countermeasures in this region, as well as the challenges and opportunities for improving cybersecurity practices.

In an era of ever-evolving and increasingly sophisticated cyber threats, protecting sensitive information from cyberattacks such as business email compromise (BEC) attacks has become a top priority for individuals and enterprises. Existing methods used to counteract the risks linked to BEC attacks frequently prove ineffective because of the continuous development and evolution of these malicious schemes. This research introduces a novel methodology for safeguarding against BEC attacks called the BEC Defender. The methodology implemented in this paper augments the authentication mechanisms within business emails by employing a multi-layered validation process, which includes a MAC address as an identity token, QR code generation, and the integration of timestamps as unique identifiers. The BEC-Defender algorithm was implemented and evaluated in a laboratory environment, exhibiting promising results against BEC attacks by adding an extra layer of authentication.

This study investigates the evolution of cybercrime in Greece by analyzing data from the Cyber Crime Division of the Hellenic Police. By combining 2023 statistics with earlier national and international data (e.g., Europol, FBI), this study presents a comprehensive 15-year view of cybercrime trends. Key findings highlight a persistent rise in cyber incidents, with financial fraud as the most common type. Other major threats include unauthorized system access, data breaches, and crimes targeting vulnerable populations. The study assesses national legislation aligned with EU directives and outlines stakeholder roles. It underscores the need for adaptive legal frameworks, inter-agency cooperation, and public awareness to mitigate Greece’s growing cybersecurity challenges.

This study empirically investigates the performance of Elastic Machine Learning, an industrial, unsupervised anomaly detection tool, in the identification of fraudulent behavior in banking transactions. Using AI-generated datasets that were designed to simulate realistic banking environments, the analysis examines three distinct fraud-related scenarios: (i) abnormal associations between a single account and multiple IP addresses, (ii) bursts of cross-border transactions within short time windows, and (iii) unusually high transaction values relative to historical behavior. The results show that the Elastic platform consistently detects anomalous patterns across all examined scenarios by flagging suspicious behavior during the fraud window in real time. This study provides the first empirical assessment of the operational behavior of an industrial, unsupervised anomaly detection platform across multiple fraud-related scenarios in the banking sector, offering practical insights for real-time fraud monitoring and early-warning systems, while supporting institutional resilience and the robustness of the financial system.