Email spoofing occurs when a hacker sends an email that appears to have been sent from a trusted source/domain. Spoofing is used in phishing attacks to trick users into believing the message is from a person or entity they either know or can trust. The average organization loses between $20 million and $70 million per year in email fraud. Spoofing is a vector for malware and ransomware to spread. For this reason, brands are using secure protocols to authenticate their emails and avoid the malicious intent of threat actors.
Source: https://thehackernews.com/2021/03/how-to-effectively-prevent-email.html