Over the past three years, Business Email Compromise (BEC) schemes have caused at least $5.3 billion in total losses to approximately 24,000 enterprises around the world, according to the latest figures from the FBI. Since January 2015, there has been a 2,370% increase in identified exposed losses, amounting to an average loss of $218,000 per victim. The potential damage and effectiveness of these campaigns compelled the FBI to issue a public service announcement detailing how BEC scams work and how much damage it can cause to targeted employees and companies.
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- Billion-Dollar Scams: The Numbers Behind Business Email Compromise