The FBI today warned about a significant spike in victims and dollar losses stemming from an increasingly common scam in which crooks spoof communications from executives at the victim firm in a bid to initiate unauthorized international wire transfers. According to the FBI, thieves stole nearly $750 million in such scams from more than 7,000 victim companies in the U.S. between October 2013 and August 2015.
In January 2015, the FBI released stats showing that between Oct. 1, 2013 and Dec. 1, 2014, some 1,198 companies lost a total of $179 million in so-calledbusiness e-mail compromise (BEC) scams, also known as “CEO fraud.” The latest figures show a marked 270 percent increase in identified victims and exposed losses. Taking into account international victims, the losses from BEC scams total more than $1.2 billion, the FBI said.
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