Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Attacks/Breaches

3/18/2021
01:15 PM
50%
50%

FBI: Business Email Compromise Cost $1.8B in 2020

The Internet Crime Complaint Center received a record 791,790 complaints last year, with reported losses exceeding $4.1 billion.

The FBI's Internet Crime Complaint Center (IC3) reports the American public submitted 791,790 complaints in 2020, marking a 69% increase from 2019. Total losses from cybercrime exceeded $4.1 billion.

Related Content:

The 3 Most Common Types of BEC Attacks (And What You Can Do About Them)

Special Report: Building an Effective Cybersecurity Incident Response Team

New From The Edge: DDoS's Evolution Doesn't Require a Security Evolution

Business email compromise (BEC) scams were the most expensive, with 19,369 complaints and adjusted losses of approximately $1.8 billion. Phishing scams were also rampant, with 241,342 complaints – a big jump from 114,702 in 2019 – and adjusted losses of more than $54 million. Ransomware complaints continued to increase, with 2,474 incidents reported last year. 

Officials report BEC scams have evolved since 2013, when these attacks typically spoofed email accounts of chief executive officers or chief financial officers and requested wire payments. The scams have since evolved to compromise personal emails and vendor emails. In 2020, the IC3 saw more BEC complaints detail identity theft and funds being converted into cryptocurrency. 

In the latest BEC attacks, a victim is targeted with a different type of scam: extortion, tech support, or romance scams, among others. The victim provides an attacker with a form of identification, which is then used to create a bank account and receive stolen BEC funds that are later transferred into a cryptocurrency account. 

The COVID-19 pandemic was a hot topic for fraudsters. Thousands of complaints were related to financial crime targeting the Coronavirus Aid, Relief, and Economic Security Act (CARES) stimulus funds, specifically unemployment insurance, Payment Protection Program (PPP) loans, and Small Business Economic Injury Disaster Loans, as well as other forms of COVID-19 fraud. 

Read the release and full report for more information.

Dark Reading's Quick Hits delivers a brief synopsis and summary of the significance of breaking news events. For more information from the original source of the news item, please follow the link provided in this article. View Full Bio
 

Recommended Reading:

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
News
Inside the Ransomware Campaigns Targeting Exchange Servers
Kelly Sheridan, Staff Editor, Dark Reading,  4/2/2021
Commentary
Beyond MITRE ATT&CK: The Case for a New Cyber Kill Chain
Rik Turner, Principal Analyst, Infrastructure Solutions, Omdia,  3/30/2021
Register for Dark Reading Newsletters
White Papers
Video
Cartoon
Current Issue
2021 Top Enterprise IT Trends
We've identified the key trends that are poised to impact the IT landscape in 2021. Find out why they're important and how they will affect you today!
Flash Poll
How Enterprises are Developing Secure Applications
How Enterprises are Developing Secure Applications
Recent breaches of third-party apps are driving many organizations to think harder about the security of their off-the-shelf software as they continue to move left in secure software development practices.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2021-30481
PUBLISHED: 2021-04-10
Valve Steam through 2021-04-10, when a Source engine game is installed, allows remote authenticated users to execute arbitrary code because of a buffer overflow that occurs for a Steam invite after one click.
CVE-2021-20020
PUBLISHED: 2021-04-10
A command execution vulnerability in SonicWall GMS 9.3 allows a remote unauthenticated attacker to locally escalate privilege to root.
CVE-2021-30480
PUBLISHED: 2021-04-09
Zoom Chat through 2021-04-09 on Windows and macOS allows certain remote authenticated attackers to execute arbitrary code without user interaction. An attacker must be within the same organization, or an external party who has been accepted as a contact. NOTE: this is specific to the Zoom Chat softw...
CVE-2021-21194
PUBLISHED: 2021-04-09
Use after free in screen sharing in Google Chrome prior to 89.0.4389.114 allowed a remote attacker to potentially exploit heap corruption via a crafted HTML page.
CVE-2021-21195
PUBLISHED: 2021-04-09
Use after free in V8 in Google Chrome prior to 89.0.4389.114 allowed a remote attacker to potentially exploit heap corruption via a crafted HTML page.