
Business Email Compromise Scams on the Rise
FinCEN is shining a light on the explosion of business email compromise (BEC) schemes, which have gone from 500 SARs per month in 2016 to more than 1,100 SARs per month in 2018. It is estimated that more than $300 million in BEC scams happen per month. In a BEC, the bad guys compromise the email account of victims, such as the CEO of a company or a vendor, and send fraudulent payment instructions to financial institutions or business associates. [7/17/19]