Business Email Compromise (BEC) Schemes Skyrocket
Posted by: Timothy Weaver on 05/05/2017 03:14 PM
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In the last two years, Business Email Compromise (BEC) schemes have skyrocketed an incredible 2,370 percent.
The FBI has published its latest report and notes that the scams have been seen in all 50 states in the U.S. and in 131 countries. The stolen funds have been funneled to banks in China and Hong Kong. The amount stolen is estimated at more than $5.3 billion since late 2013.
“Most victims report using wire transfers as a common method of transferring funds for business purposes; however, some victims report using checks as a common method of payment,” the FBI said in its report. “The fraudsters will use the method most commonly associated with their victim’s normal business practices.”
In a six month period between June and December, the FBI recorded complaints totaling more than $346 million in losses from 3,044 incidents from domestic victims.
“The victims of the BEC/EAC scam range from small businesses to large corporations. The victims continue to deal in a wide variety of goods and services, indicating that no specific sector is targeted more than another,” the FBI said. “It is largely unknown how victims are selected; however, the subjects monitor and study their selected victims using social engineering techniques prior to initiating the BEC scam.”
Source: Threat Post
The FBI has published its latest report and notes that the scams have been seen in all 50 states in the U.S. and in 131 countries. The stolen funds have been funneled to banks in China and Hong Kong. The amount stolen is estimated at more than $5.3 billion since late 2013.“Most victims report using wire transfers as a common method of transferring funds for business purposes; however, some victims report using checks as a common method of payment,” the FBI said in its report. “The fraudsters will use the method most commonly associated with their victim’s normal business practices.”
In a six month period between June and December, the FBI recorded complaints totaling more than $346 million in losses from 3,044 incidents from domestic victims.
“The victims of the BEC/EAC scam range from small businesses to large corporations. The victims continue to deal in a wide variety of goods and services, indicating that no specific sector is targeted more than another,” the FBI said. “It is largely unknown how victims are selected; however, the subjects monitor and study their selected victims using social engineering techniques prior to initiating the BEC scam.”
Source: Threat Post
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