FBI Warns Of Business Email Fraud Spike

The FBI this month issued a warning on a dramatic surge in business email compromise (BEC) scams that have resulted in huge financial losses among organizations nationwide.

Cybercriminals target businesses by spoofing company emails or performing other social engineering scams, posing as the CEO, a company attorney, or a trusted firm, requresting a wire transfer. 

Various types and sizes of companies, including non-profit organizations and tech companies, have fallen victim to these BEC attacks, according to the FBI. Between October 2013 and February 2016, the FBI received reports from more than 17,000 victims of BEC scam globally, accounting for over $2.3 billion in losses. There has been a 270% rise in victims since last year.

To control such scams, the FBI is offering tips for businesses, including to be suspicious of e-mail-only wire transfer requests and to practice multi-level authentication.

Read the FBI press release for more information.