Business Email Compromise Doubles in 2018, Topping the FBI’s List of Internet Crimes
Despite the massive uptick in just about every cybercrime category, good old-fashioned fraud via email phishing and social engineeringdominate as the threat to be most concerned about.
The goal for a cybercriminal is simple – do your worst that makes the most by exerting the least amount of time and energy. And, at the end of the day, the amount of money a cybercrime can generate is king.
According to the latest data from the FBI’s Internet Crime Complaint Center (IC3), business email compromise (BEC) took in nearly $1.3B in reported victim losses. This is just about twice the $675 million reported BEC losses in the 2017 IC3 report.
The FBI defines BEC as:
“…a scam targeting businesses working with foreign suppliers and/or businesses regularly performing wire transfer payments. These sophisticated scams are carried out by fraudsters compromising email accounts through social engineering or computer intrusion techniques to conduct unauthorized transfer of funds.”
While BEC sits at number 5 by victim count with a total of a little more than 20K reported victims, that number represents a 25% increase in victims year-over-year. This means cybercriminals are getting better at their craft – only obtaining a fraction more “customers” but doubling the revenue is a model any business would love to adopt!