BEC Fraud Losses Exceed $3 Billion as Cybercriminals Target Pig Butchering and Investment Scams

Time Stamp: March 10, 2023 9:49 PM
Source Node: 2513113

In recent years, cybercrime has become an increasingly serious problem, with billions of dollars in losses reported each year. The latest figures from the FBI’s Internet Crime Complaint Center (IC3) show that business email compromise (BEC) fraud losses have now exceeded $3 billion. BEC fraud is a type of cybercrime in which criminals use social engineering techniques to gain access to corporate emails and networks, allowing them to steal money or data.

The majority of BEC fraud losses are due to two types of scams. The first is pig butchering, in which criminals use stolen corporate emails to send fake invoices to customers, asking them to pay for goods or services that were never delivered. The second type of scam is investment fraud, in which criminals use stolen corporate emails to solicit investments from unsuspecting victims.

The FBI has warned that BEC fraud is on the rise, and that businesses should take steps to protect themselves. This includes implementing strong authentication measures, such as two-factor authentication, and monitoring emails for suspicious activity. Additionally, businesses should be aware of the signs of BEC fraud, such as requests for payment to unfamiliar accounts or requests for confidential information.

It is clear that BEC fraud is a major problem, and one that businesses must take seriously. The losses reported by the IC3 demonstrate the need for businesses to take steps to protect themselves from these types of scams. By implementing strong security measures and monitoring emails for suspicious activity, businesses can help protect themselves from becoming victims of BEC fraud.