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FBI: Business Email Compromise Cost Businesses $1.7B in 2019

On February 14, 2020 by Vedran Bozicevic in Cybersecurity, News, email
1 minute read

Business email compromise (BEC) attacks cost organizations an estimated $1.77 billion in losses in 2019, reports the FBI, which received a total of 23,775 complaints related to this threat.

The FBI's Internet Crime Complaint Center (IC3) this week released its "2019 Internet Crime Report," which digs into cybercrime trends throughout the year. In 2019 the IC3 received 467,361 complaints, which cost organizations $3.5 billion overall – up from $2.7 billion in 2018.

The most frequently reported complaints relate to phishing and similar attacks, non-payment/non-delivery scams, and extortion, officials say. But the most expensive complaints are related to BEC, romance or confidence fraud, or copying the account of a person or vendor to collect personal or financial data about a victim familiar with them, according to the report.

Read more: Dark Reading 

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