Security Experts Comments on the News:
The FBI found yesterday afternoon that BEC/EAC scams cost organisations over $26 billion between June 2016 and July 2019. The threat continues to grow and evolve, targeting small, medium, and large business and personal transactions. Between May 2018 and July 2019, there was a 100 percent increase in identified global exposed losses.
Based on the financial data, banks located in China and Hong Kong remain the primary destinations of fraudulent funds. However, the Federal Bureau of Investigation has seen an increase of fraudulent transfers sent to the United Kingdom, Mexico, and Turkey.