For the 7th year in a row, Business Email Compromise (BEC) is the number one cybercrime, as reported by losses, according to the FBI IC3 Report. Topping in at an astonishing $43 billion dollars with victims in 177 countries and money being wired between 140 different countries, it still amazes me that people are more concerned about ransomware and nation-state attacks instead of murderous BEC actors killing in the name of evil spirits.
To add insult to injury, the same actors behind BEC are responsible for $100 billion in SBA fraud and $80 billion in paycheck protection plan (PPP) fraud. This doesn’t even begin to touch the dozens of consumer-based crimes such as check fraud, advanced-fee fraud, or romance scams, with over $223 billion now tied back to the exact same scammers. ...read more!
