FBI: Now scammers are using fake video meetings to steal your money

Business email compromise (BEC), a multi-billion dollar subset of phishing threats, might need a new name because the scams are no longer just about email. The FBI warns that scammers have ramped up video meetings as a tool to trick unsuspecting victims into handing over their money.

Virtual meeting tools like Microsoft Teams and Zoom were the big winners of video during the pandemic. And where users go, unfortunately the scammers follow. 

BEC usually relies on fake, spoofed or compromised email domains to relay messages to targets with the aim of fooling them into making a wire transfer. The scams are technically simple but are often peppered with carefully constructed backstory conducted via email that fools even well-trained employees. It is the top category of cybercrime measured by funds lost, which totalled $1.8 billion in 2020 based on cases reported to the FBI. BEC dwarfs reported ransomware losses.       

But BEC is not just about email. The FBI’s Internet Crime Center (IC3) says it has seen a surge in BEC scams using video meetings as the forum to communicate. This happened between 2019 and 2021, corresponding to the world’s shift to video meetings as we all adjusted to the COVID-19 pandemic and

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