The FBI estimates that businesses have lost close to $2.3 billion from so called “CEO fraud” e-mail scams.

The FBI said that since January 2015, the agency has seen a 270 percent increase in identified victims and exposed losses from CEO scams. These scams spoof a message from the boss and trick someone at the organization into wiring funds to the fraudsters.

These scams are not only confined to the U.S., it has been seen in at least 79 countries.

The FBI estimates that organizations victimized by CEO fraud attacks lose on average between $25,000 and $75,000. But some CEO fraud incidents over the past year have cost victim companies millions — if not tens of millions — of dollars.

Fraud scams have cost companies such as Mattel, $3 million; Ubiquiti disclosed in a quarterly financial report that it suffered a whopping $46.7 million hit because of a CEO fraud scam; and $17.2 million from The Scoular Co.

The FBI urges businesses to adopt two-step or two-factor authentication for email, where available, and to establish other communication channels — such as telephone calls — to verify significant transactions. Businesses are also advised to exercise restraint when publishing information about employee activities on their Web sites or through social media.

Source: Krebs On Security