Business Email Compromise (BEC) fraud is a growing problem that has recently surpassed $3 billion in losses. BEC scams, also known as “CEO fraud” or “whaling”, involve criminals impersonating high-ranking executives or other trusted individuals to trick employees into transferring money or sensitive information.
The FBI’s Internet Crime Complaint Center (IC3) reported that global BEC losses have exceeded $3 billion since the scams first began in 2013. The losses are spread across all industries and countries, with the US accounting for the majority of losses.
The most common type of BEC scam involves criminals impersonating executives and requesting wire transfers to fraudulent accounts. However, there are other types of BEC scams that have become increasingly popular in recent years. These include pig butchering and investment scams.
In pig butchering scams, criminals impersonate executives and request employees to purchase large amounts of pork for a company event. The employees are then asked to wire the money to a fraudulent account. This type of scam has become increasingly popular due to the high demand for pork products in some countries.
Investment scams involve criminals impersonating executives and requesting employees to invest in a fraudulent venture. The employees are then asked to wire money to a fraudulent account. These scams are particularly dangerous as they often involve large sums of money and can result in significant losses for the victim.
BEC fraud is a serious problem that is costing companies billions of dollars each year. Companies should take steps to protect themselves from these scams by educating their employees on the risks of BEC fraud and implementing security measures such as two-factor authentication and strong passwords. Additionally, companies should be aware of the latest trends in BEC fraud, such as pig butchering and investment scams, to ensure they are taking the necessary steps to protect themselves.
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