CyberNews Briefs

BEC Scams Average $301 Million Per Month In Illegal Transfers

New data compiled by the Financial Crimes Enforcement Network (FinCEN) shows that illegal transactions linked to business email compromise (BEC) scams averaged $301 million per month last year. The figure is based on suspicious activity reports (SARs) received by FinCEN. In 2018, the organization received close to 14,000 filings.

The report underscores that BEC scams are becoming more common and more costly, since the number of SARs related to BEC scams totaled less than 6,000 in 2016, when the total monthly sum of illegal transactions averaged $110 million. In 2017, 11,000 SARs accounted for $241 million worth of suspicious transfers each month.

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