Security News > 2020 > February > FBI: BEC Losses Totaled $1.7 Billion in 2019

Cybercrime led to $3.5 billion in losses in the U.S. last year, with a sharp uptick in business email compromise scams - which accounted for nearly half those losses, according to a newly released FBI Internet Crime Report, which is based on complaints the FBI received.

The FBI received nearly 24,000 complaints about BEC scams last year, with a total loss of $1.7 billion and an average loss of about $72,000, according to the report.

By comparison, 2,047 ransomware attacks reported to the FBI last year led to losses of about $8.9 million, the report shows.

BEC scams, also referred to as CEO fraud, typically start with attackers stealing the email credentials of a top executive through phishing or other methods, according the FBI report.

In the IC3 report, FBI agents noted an increase in the number of BEC complaints related to fraudsters targeting payroll funds in order to divert that money to their accounts, according to the report.

News URL

https://www.inforisktoday.com/fbi-bec-losses-totaled-17-billion-in-2019-a-13717