FBI: Cybercrime losses tripled over the last 5 years

On the upside, the Bureau recovered more than US$300 million in funds lost to online scams last year. In 2019, the United States’ Federal Bureau of Investigation (FBI) received more than 467,000 cybercrime complaints that caused an estimated US$3.5 billion in losses, according to the Bureau’s annual 2019 Internet Crime Report (IC3). Last year saw both the … More FBI: Cybercrime losses tripled over the last 5 years

Losses from Business Email Compromise scams rising fast and furious

In 2017, the victims of BEC fraud were stung for $676 million, almost double the loss totals reported in the previous year. The FBI’s Internet Crime Complaint Center (IC3) received a record-high 301,000 complaints of internet-facilitated fraud and other cybercrimes in 2017, with reported losses adding up to $1.42 billion. Pegged at over $676 million, … More Losses from Business Email Compromise scams rising fast and furious

European firms’ financial departments the target of cyberattacks

Two major cyberattacks have siphoned over $50 million and nearly $80 million from the Belgian bank Crelan and the Austrian aircraft parts manufacturer FACC, respectively. Official statements released by both firms this month were light on detail but indicated that they had fallen victim to a scam known as Business Email Compromise (BEC). The common … More European firms’ financial departments the target of cyberattacks