FBI Raises Alarm on Scams

Business email compromise threat has hugely impacted many countries, that aim on both people as well as companies.

The Federal Bureau of Investigation (FBI) has issued an alert of a rising business email compromise (BEC) threat. The threat has led to US$55 billion losses globally. 

BEC, also referred to as email account compromise, is an advanced fraud scheme aimed at both companies and individuals involved in legitimate money transfers.

Countries affected by the Scam

The scam has hugely affected 50 US states and 186 countries. The funds were sent through banks in the United Kingdom, Hong Kong, China, Mexico, and the United Arab Emirates (UAE), FBI stated.

The FBI recommends that people and companies employ two-factor authentication (2FA), keep an eye on their accounts, and confirm the authenticity of email addresses. 

Business email compromise schemes aim at both companies and people by tricking email accounts through social engineering or hacking to approve illegal money transfers. These scams have grown more complex, with cyber attackers frequently looking for personal details to gain access to associated accounts.

BEC Scams in the Period 2013-2023

Between October 2013 and December 2023, over 305,000 cases of BEC scams, both within the country and abroad, have been recorded.

“If you discover a fraudulent transfer, time is of the essence. Immediately contact your financial institution and request a recall of the funds along with any necessary indemnification documents,” the FBI said in the advisory.

According to the latest advisory from the FBI, the Business Email Compromise (BEC) fraud is still being aimed at businesses of all sizes, from small local enterprises to large companies, and even individual transactions worldwide.