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Business E-mail Compromise (BEC) Scam $12B in 5 years

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Ascent InfoSec
Business E-mail Compromise (BEC) Scam $12B in 5 years

A spear phishing hacking group, working out of the United Kingdom and Nigeria, has been using business email compromise (BEC) scams and have stolen more than $12 million.

This group targeted small and midsize businesses from various industry groups such as manufacturers, hotels, universities, cloud service operators, and so on.

BEC scams have caused more than $12 billion in losses since 2013, and the threat is increasing in terms of exposed losses.

The destination banks are usually located in China, Hong Kong, UK, Mexico, and Turkey.

Scammers use the IRS W-2 forms and other Personally Identifiable Information (PII) requests to build their campaigns.

Year-end enrollment is one of major sources of PII requests.

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