FBI: BEC Attacks Account for Billions in Losses for Businesses

By Marcos Colon

A recent study by the FBI’s Internet Crime Complaint Center (IC3) reports a 2,370% uptick in exposed losses tied to business email compromise (BEC) and email account compromise (EAC) attacks.

In total, the attacks have cost global and domestic companies $5.3 billion from October 2013 to December 2016, according to the report.

“The scam has been reported in all 50 states and in 131 countries,” according to an IC3 release. “Victim complaints filed with the IC3 and financial sources indicate fraudulent transfers have been sent to 103 countries.”

In the three-year timeframe, there was a total of 40,203 domestic and international incidents that amounted to an exposed loss of $5,302,890,448.

Based on the financial data, the IC3 said that banks located in China and Hong Kong continue to be the primary destinations of fraudulent funds.

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