BEC Scams Increase Year over Year; Reach Monthly Average of More Than $300 Million



Business email compromise (BEC) scams have been on a steady rise year over year and as per the suspicious activity reports (SARs) received month since 2016, the count has now reached at a monthly average of more than $300 million.

The  Financial Crimes Enforcement Network  (FinCEN) in the wake of assembling the statistics about BEC episodes happening in the course of recent years recognized the most common types of targets alongside the destination planned for the stolen assets and the procedures utilized by the scammers.

Companies have said to have lost around $1.2 billion to this kind of cybercriminal movement, who's aim is to acquire assets by acting like a customer or upper management personnel in a company so as to fool the key individuals within the organization into wiring funds to an 'attacker-control bank account'.

Commercial entities offering proficient services  like landscaping, retail, restaurants, and lodging turned out to be increasingly alluring targets, with 18% of the attacks being aimed at them.

FinCEN's analysis describes the broader picture of BEC scams

In contrast to financial organizations, which fell in the rankings from 16% to 9%, real estate firms ended up being all the more enticing, representing 16% of the BEC scam victim pie.

The attackers however don't stay adhered to only one way; they have various strategies to accomplish their goal. From impersonating company CEOs to impersonating customers and vendors all the while using fake invoices they have done it all.

Therefore users are recommended to pay special mind to any Malwares or Spywares as the attackers rely heavily on malware intended to steal the necessary information for executing the attack just as Spyware for stealing the information important to break into email accounts.

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