Security News > 2020 > April > FBI Expects Increase in COVID-19-Themed BEC Scams
A type of fraud targeting those in charge of performing legitimate funds transfers for a company, BEC scams aim to trick unsuspecting victims into sending money to the attackers.
In BEC attacks, the victim typically receives an email apparently arriving from a company they normally conduct business with, requesting payments be made to a new account, or demanding a change in the standard payment operations.
According to the FBI, losses from BEC scams surpassed $1.7 billion in 2019, and are only expected to increase.
More recently, there has been an increase in BEC attacks targeting municipalities purchasing personal protective equipment or other supplies for the ongoing coronavirus crisis.
One of the most recent examples of BEC fraud targeted a financial institution with an email allegedly arriving from the CEO of a company and related to a previously scheduled transfer of $1 million.