Email Account Compromise Losses Reach a New High of $12 Billion According to FBI Report

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Between the dates of October 2013 and May 2018, more than 78,000 business email accounts (BEC) and email account compromise (EAC) scam incidents occurred. According to recent FBI data findings, both BEC and EAC scam losses significantly increased by 136% worldwide during the time frame of December 2016 to May 2018.

With the 78,617 BEC and EAC incidents reported, financial losses totaled a whopping $12 billion. Of those reported, 41,058 occurred within the U.S., as the nation took a great loss of $2.9 billion in finances. According to further statistical data provided, Asian banks from both China and Hong Kong are the primary targets for fraudulent fund transfers; Meanwhile, other emerging targets for fraudulent transfers also include the UK, Mexico, and Turkey.  

As the FBI explains in their PSA statement:

“The scam may not always be associated with a request for transfer of funds. A variation of the scam involves compromising legitimate business e-mail accounts and requesting Personally Identifiable Information (PII) or Wage and Tax Statement (W-2) forms for employees.”

Even the real estate industry has been greatly impacted, as collected statistics show an increase of 1,100% in BEC/EAC victims between the years 2015 to 2017.

With such cyber-security threats on the rise, it is most definitely encouraged to practice good cyber-hygiene to make sure your business stays safe from fraudulent email scams. With Inverselogic’s cyber-security service of simulated phishing tests, employees are trained and well prepared to identify cyber scams before clicking on an actual malware infested email link that could potentially harm your business.

Below is one example of a phishing email simulation test we created as part of our cyber-security services:

Once the link is clicked, employees are directed to an educational page that provides information on how to identify scam emails in the future.

Our business understands that network security is of utmost importance. That is why Inverselogic is here to help you every step of the way in ensuring your information is always protected from new and emerging email scam threats.  

To read more about our wide range of cyber-security services offered, please click here.

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