FBI: BEC Scam Losses Almost Double To Reach $1.2 Billion

Overall, in 2018 the FBI received more than 351k reported scams with losses exceeding $2.7 billion.

Business email compromise (BEC) scams are squeezing more money than ever out of victims, with losses from the attacks almost doubling year-over-year in 2018 to reach $1.2 billion.

That’s according to the FBI’s annual Internet Crime Report (IC3) for 2018, which records the number of complaints, losses and trending scams. Of all the scams reported, BEC, where attackers use social engineering and other tricks to persuade businesses into transferring wire payments to them, led the charge in terms of sucking the most money from victims: The FBI said that in 2018, BEC scams ultimately drained victims of over $1.2 billion. For contrast, in 2017, BEC resulted in adjusted losses of $675 million.

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Source: ThreatPost