The Federal Bureau of Investigation says business email compromise (BEC) and email account compromise (EAC) losses have surpassed $43 billion globally.
These losses, which the FBI calls “exposed losses,” include both actual and attempted loss reported between June 2016 and December 2021. There has been an increase of 65% between 2019 and 2021, most likely due to the COVID-19 pandemic, which forced many individuals to shift to conducting business virtually.
In 2021, the FBI’s Internet Crime Complaint Center (IC3) received reports of BEC scams in all 50 states and 177 countries, the agency announced on Wednesday.
In a March 2022 report, the IC3 said it received close to 20,000 BEC complaints last year, with estimated adjusted losses of roughly $2.4 billion.