Depth of BEC – FBI 2018 Findings
In 2018, the FBI’s Internet Crime Complaint Center (IC3) received 62,321 Business Email Compromise (BEC), phishing, and spoofing complaints with adjusted losses of $1.41 billion (BEC alone was $1.2 billion). Overall, 2018 saw a 92% increase in internet crimes with total losses over $2.7 billion with over 350,000 incidents.
BEC attacks accounted for 44% of total monetary loss by internet crimes, targeting businesses and individuals performing wire transfer payments.
BEC is constantly evolving as scammers become more sophisticated. In 2013, BEC scams routinely began with the hacking or spoofing of the email accounts of chief executive officers or chief financial officers, and fraudulent emails were sent requesting wire payments be sent to fraudulent locations. Through the years, the scam has seen personal emails compromised, vendor emails compromised, spoofed lawyer or title company email accounts, requests for W-2 information, and the targeting of the real estate sector.
The IC3, unfortunately, does not have the manpower to take on each incident. Last year there were over 350,000 internet crimes reported with only 1,031 incidents the FBI intervened in.