Think BEC Won’t Cost You Much? How Does $130 Million Sound?

A new lawsuit brings to light the all-too common occurrence of an attack, with this occurring during a business acquisition and costing the buyer more than they bargained for.

May 9, 2022 Stu Sjouwerman

Business Email Compromise Shouldn’t Be the Cost of Doing Business

The FBI last week published a public service announcement updating its warnings about the continuing threat of business email compromise (BEC, also called CEO fraud). The problem has ...

April 12, 2022 Stu Sjouwerman

Business Email Compromise (BEC): the Costliest Cybercrime

Organizations in the US lost $2.4 billion to business email compromise (BEC) scams (also known as CEO fraud) last year, according to Alan Suderman at Fortune.

March 31, 2022 Stu Sjouwerman

Cost of Internet Crimes in 2021 Increase 64% Exceeding $6.9 Billion

New data from the FBI’s Internet Crime Complaint Center (IC3) shows a massive increase in the cost of internet crimes, with phishing and BEC topping the list.

March 4, 2022 Stu Sjouwerman

FBI: Scammers Take Business Email Compromise Attacks to Virtual Meeting Platforms

In a new twist on an old scam, BEC attacks switch from email to a virtual meeting where social engineering tactics are used to further establish credibility and increase the likelihood of ...

January 11, 2022 Stu Sjouwerman

Business Email Compromise Attack Leads to Millions in Non-Profit Loss

A business email compromise attack at Illinois’s Office of the Special Deputy Receiver led to a loss of $6.85 million, Ray Long at the Chicago Tribune reports. Long describes the Office ...

November 9, 2021 Stu Sjouwerman

Business Email Compromise-as-a-Service Emerges as Attempted Fraud Soars to as High as $6 Million

BEC scammers set their sights on payoffs in the millions of dollars, and are following the path of their ransomware counterparts by evolving services while organizations struggle to keep ...

October 19, 2021 Stu Sjouwerman

Ex-Bank of America Employee Charged with Business Email Compromise Money Laundering

A three-person team – including a personal banker at Bank of America – have been indicted for reportedly being behind a BEC scam that took 5 companies for over $1.1 Million.

October 8, 2021 Stu Sjouwerman

U.K. Authorized Push Payment Scams Jump 71% in First Half of 2021, Taking in £355 Million

Surpassing credit card fraud in the U.K., scamming victims into sending money to a fraudulent bank account has taken the lead spot in fraud scams that could cost U.K. residents more than ...

September 30, 2021 Stu Sjouwerman

5th Circuit Court Finds Cyber Insurer Must Pay for $1 Million Social Engineering Attack

A simple social engineered Business Email Compromise attack resulted in fraud that the cyber insurer contended was not covered under the policy.

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