FBI: Rise in Business Email-based Attacks is a $43B Headache

A huge spike in fraudulent activities related to attacks leveraging business email accounts is a billion-dollar-problem.

The FBI warned the global cost of business email compromise (BEC) attacks is $43 billion for the time period of June 2016 and December 2021. According to FBI report, 241,206 complaints were lodged by the agency’s Internet Crime Center (IC3).

BEC or email account compromise (EAC) are an advanced scamming technique that targets both employees and business and the businesses they work for.

Scam include social engineering as a means to compromise a legitimate business or personal email account or to perform an unauthorized transfer of funds. The FBI is also warning that another popular variations of the scam include collecting Personal Identifiable Information (PII) in order to perpetrate additional fraud such as tax-related scams and breaching cryptocurrency wallets.

Statistics of BEC/EAC Scams 

According to IC3, the BEC scam victims have been reported in all 50 states of the US and 177 countries. Additionally, 140 countries received fraudulent transfers.

The IC3 revealed that banks located in Thailand and Hong Kong were the primary destination for fraudulent funds, followed by China, Mexico, and Singapore.

In the public service announcement by

Read More: https://threatpost.com/fbi-bec-43b/179539/