FBI: Business Email Compromise is a $43 Billion Scam

The FBI recently announced that the amount of money lost to business email compromise (BEC) scams is increasing each year, with a 65 per cent rise in identified global exposure losses between July 2019 and December 2021.

From June 2016 to July 2019, IC3 received victim complaints about 241,206 domestic and international occurrences, totalling $43,312,749,946 in exposed cash loss. 

The FBI stated, “Based on the financial data reported to the IC3 for 2021, banks located in Thailand and Hong Kong were the primary international destinations of fraudulent funds. China, which ranked in the top two destinations in previous years, ranked third in 2021 followed by Mexico and Singapore.” 

This was revealed in a new public service announcement issued on the Internet Crime Complaint Center (IC3) site as an update to a prior PSA dated September 2019, in which the FBI stated victims reported losses to BEC attacks totalling more than $26 billion between June 2016 and July 2019. 

BEC scams were the cybercrime type with the highest recorded overall victim losses last year, according to the IC3 2021 Internet Crime Report [PDF]. Based on 19,954 registered complaints relating to BEC attacks against individuals and busi

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