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According to FBI, e-mail fraud has cost $ 26 billion since 2016



Christopher Wray, director of the Federal Bureau of Investigation (FBI), testifies to worldwide threats during a Senate Intelligence Committee hearing on January 29, 2019, on Capitol Hill in Washington, DC.

Saul Loeb | AFP | Getty Images

According to a new FBI study released Tuesday, a type of fraud called "business email compromise" is becoming increasingly important and unstoppable. In the past three years, losses of $ 26 billion have been recorded. This makes it one of the most expensive cyber crimes against businesses.

Business email compromise is a criminal who pretends to be an executive or trusted business associate, turns to an employee and convinces them to pay a debt or pay a debt Fulfill order. The attacks, such as "sextortion" via e-mail or real estate fraud, require only rudimentary computer skills.

Most cyberattacks can be offset by a number of insurance products. But with this type of system, once the money is wired, it is usually not covered by the sending bank. There are few insurance options to recover, and there are few law enforcement agencies that can reclaim it. It's gone.

Variations to this scheme have hit HR departments hard and led payrolls to be redirected to offshore accounts. Small companies had to file for bankruptcy after being victimized, and larger companies were similarly affected, including Mattel and Jeans' diesel retailer, who attributed his bankruptcy in part to ubiquitous wiretapping 281

of which, 74 out of the United States.

"Sending fraudulent e-mail is cheap and does not require expensive malware," said Kevin Epstein, vice president of threat operation at Proofpoint. "The attacks themselves, however, are very effective."

Epstein recommends that companies train their employees and set up logs that take several steps before funds are transferred. The FBI also provides resources for reporting suspicious e-mails.

VIEW NOW: How to Avoid the Latest Phishing Fraud Against Direct Deposits


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