BEC Fraud Losses Surpass $3 Billion as Pig Butchering and Investment Scams Take Over Cybercrime
Business Email Compromise (BEC) fraud losses have surpassed $3 billion, according to the FBI's Internet Crime Complaint Center (IC3). This type of cybercrime is on the rise, and it is becoming increasingly sophisticated. BEC fraud involves criminals using email to impersonate executives or other high-ranking officials in order to convince victims to transfer funds or sensitive information. The most common type of BEC fraud is the "CEO scam," in which criminals pose as a company's CEO or other executive and request that an employee transfer money to a third-party account.