Business Email Compromise (BEC) fraud is a type of cybercrime that has been on the rise in recent years. According to the FBI, BEC fraud losses have exceeded $3 billion in 2019, and the trend is expected to continue in 2020.
BEC fraud is a type of scam in which cybercriminals gain access to a company’s email system and use it to send fraudulent emails to customers or employees. The emails typically contain requests for money transfers or sensitive information, such as passwords or bank account numbers.
The increasing prevalence of BEC fraud has led to a shift in focus among cybercriminals. While BEC fraud remains a major concern, criminals are now turning their attention to other types of scams, such as pig butchering and investment scams.
Pig butchering scams involve criminals posing as legitimate companies in order to solicit investments from unsuspecting victims. The criminals promise high returns on the investments, but in reality, they are simply stealing the money.
Investment scams are also becoming more common. In these scams, criminals pose as legitimate investment firms and offer victims the chance to invest in high-yield investments. However, the investments are often fraudulent and the victims end up losing their money.
It is important for businesses and individuals to be aware of the risks posed by BEC fraud and other types of cybercrime. Companies should ensure that their email systems are secure and that employees are trained on how to spot and avoid fraudulent emails. Individuals should also be wary of any emails that appear suspicious or ask for sensitive information.
In conclusion, BEC fraud losses have exceeded $3 billion in 2019, and the trend is expected to continue in 2020. Cybercriminals are now shifting their focus to other types of scams, such as pig butchering and investment scams. It is important for businesses and individuals to be aware of the risks posed by these scams and take steps to protect themselves.
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