BEC Scams Cost Victims $26B over a Three-Year Period, Finds FBI
The State of Security
The Federal Bureau of Investigation (FBI) found that business email compromise (BEC) scams cost victims a combined total of $26 billion in losses over a three-year period.
On 10 September, the FBI’s Internet Crime Complaint Center (IC3) published a public service announcement in which it revealed that BEC scams had caused $26,201,775,589 in global losses. Those damages occurred across 166,349 separate incidents reported to the FBI between June 2016 and July 2019. Investigators received these complaints from victims based in all 50 states and 177 countries.
That’s not all the FBI related in its alert. Additionally, the Bureau conveyed that it had detected a 100 percent increase in identified global exposed losses stemming from BEC scams between May 2018 and June 2019. The IC3 noted that growing awareness of these ruses was partly responsible for this increase.
Acknowledging these damages, it’s not surprising that the FBI has stepped up its efforts to bring BEC scammers to justice. Case in point, the Department of Justice announced that it had collaborated with the Department of Homeland Security, Department of the Treasury, Postal Inspection Service, Department of State and foreign law enforcement bodies to arrest 281 individuals who had previously perpetrated business email compromise attacks. Agents made arrests in 10 countries and seized nearly $3.7 million in monies stolen from victims.