The FBI’s Internet Crime Complaint Center (IC3) reports that Business Email Compromise (BEC) scams resulted in losses of more than $12 billion between 2013 and 2018 – and $1.78 billion in losses in 2019 alone. That’s more than half of all cybercrime-related losses reported that year, and an increase of 37% over the previous year.
BEC fraud affects businesses of all types and sizes. Symantec reports that more than 30,700 businesses and other organizations were targeted in just the first quarter of 2020. The average BEC scam costs a company $75,000 – much more than the $4,400 lost in the average ransomware attack.
Here are 4 ways to protect your organization against BEC scams: