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FBI: BEC Scams Stole $1.2B In 2018

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Business email compromise (BEC) scams are gaining traction, and bilking unwitting individuals and companies out of an increasing amount of money. Recently announced statistics from the Federal Bureau of Investigation (FBI) bear out this trend. million cyber scam that is now being investigated by the FBI.

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Bitcoin Daily: FBI Says Nigerian BEC Scam Netted Millions With Some Converted To Bitcoin

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But the two men got that wealth, allegedly, from a business email compromise (BEC) scheme, where they gained access to legitimate email accounts and then tricked the company’s employees into sending money to the scammer’s email account. Using that method, Ponle and Abbas allegedly got as much as tens of millions of dollars.

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Australia, New Zealand Take A Hard BEC Scam Hit

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While the business email compromise (BEC) scam is a global pain point for businesses, this week's B2B Data Digest looks at the latest figures in B2B payments fraud and finds BEC heating up in one particular region: Australia and New Zealand. million erroneous payment resulting from a BEC scam. In total, about $104.5

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FBI Details Evolving Sophistication Of BEC Scammers

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The FBI has once again sounded the alarm on the proliferation of digital fraud like ransomware and the business email compromise (BEC) scam, releasing new stats on the financial damage such criminal activity has caused in the U.S. in recent years.

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Study Sees BEC Scams Gaining Ground

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Agari said the payroll diversion scams are on the rise, and are gaining traction as a result of social engineering. Agari told the site that the payroll diversion scam has gained favor among scam artists, allowing fraudsters to have better control over the scam itself, as there is no need for outside vendors.

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The Big Spike In ‘CEO Fraud’

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All in, the FBI’s Internet Crime Complaint Center (IC3) received a total of 467,361 complaints, with reported losses exceeding $3.5 As for the scams themselves, those varied widely both in terms of tactics and targets. And while the BEC is not the most common form scam, it is a lucrative one.

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FBI Arrests 74 People For Business Email Compromise Scams

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Federal authorities including the Department of Justice and the FBI announced Monday (June 11) that law enforcement arrested 74 people in the U.S. Since the Internet Crime Complaint Center (IC3) began tracking BEC and its variant, e-mail account compromise (EAC), there has been more than $3.7 Law enforcement also seized close to $2.4