SMT007 Magazine

SMT007-July2022

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44 SMT007 MAGAZINE I JULY 2022 Editor's note: e FBI released this public service announcement, which was an update and companion piece to Business Email Com- promise (PSA I-091019-PSA) posted on www. ic3.gov. is PSA includes new Internet Crime Complaint Center complaint information and updated statistics om October 2013 to Decem- ber 2021. Business email compromise/email account compromise (BEC/EAC) is a sophisticated scam that targets both businesses and individ- uals who perform legitimate transfer-of-funds requests. e scam is frequently carried out when an individual compromises legitimate business or personal email accounts through social engi- neering or computer intrusion to conduct unauthorized transfers of funds. e scam is not always associated with a transfer-of-funds request. One variation involves compromising legitimate business email accounts and requesting employees' Personally Identifiable Information, Wage and Tax Statement (W-2) forms, or even crypto currency wallets. Statistical Data e BEC/EAC scam continues to grow and evolve, targeting small local businesses to larger corporations, and personal transactions. Between July 2019 and December 2021, there was a 65% increase in identified global exposed losses, meaning the dollar loss that includes both actual and attempted loss in United States dollars. is increase can be partly attributed to the restrictions placed on normal business practices during the COVID-19 pandemic, which caused more workplaces and individu- als to conduct routine business virtually. e BEC scam has been reported in all 50 states and 177 countries, with over 140 coun- Business Email Compromise: The $43 Billion Scam

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