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The costliest cybercrime in 2021- business email scams


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The costliest cybercrime in 2021- business email scams

According to the FBI’s Internet Crime Report 2021, America saw an unparalleled rise in cyberattacks and other criminal online behavior 2021.

With potential damages reaching $6.9 billion, the FBI’s Internet Crime Complaint Center (IC3) received 847,376 complaints in 2021, a 7% rise over 2020.

The most common occurrences recorded in 2021 were ransomware, business email compromise (BEC) schemes, and the illegal usage of cryptocurrencies. BEC…

BEC is a sophisticated fraud that preys on companies handling fund transfers. The scam is typically carried out when a person uses computer intrusion or social engineering techniques to breach legitimate company email accounts and make unauthorized money transfers.

Twenty thousand five hundred sixty-one people reported to the IC3 that they had lost $1.45 billion due to investment cybercrime.

Additionally, it received reports from 24,299 victims who lost over $956 million due to “romantic scams” or confidence fraud. This kind of fraud was responsible for the third-highest losses that victims reported.

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