FBI: Email fraud keeps getting worse. Here's how to protect yourself

The FBI has warned that business email compromise (BEC) fraud has cost businesses around the world $43 billion in losses in the period between June 2016 and December 2021. 

The FBI’s Internet Crime Center (IC3) has logged a whopping 241,206 complaints in the four and half year period with losses totaling $43 billion, according to a new public service announcement

BEC fraud was the biggest category of cybercrime by financial losses in 2021, according to IC3. BEC cost businesses $2.4 billion in 2021, up from $1.8 billion in 2020

US losses recorded by the FBI are much larger than losses reported by victims in non-US jurisdictions. Between October 2013 and December 2021, 116,401 victims reported total losses of $43.3 billion. In that period, 5,260 non-US victims reported losses of $1.27 billion.       

BEC is a global problem. The scam has been reported in all 50 US states and by victims in 177 countries. Meanwhile, over 140 countries have received fraudulent transfers, according to IC3, however banks located in Thailand and Hong Kong were the primary destination for the funds, followed by China, Mexico and Singapore. 

BEC scams are considered a sophisticated ruse that targets

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