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More Than $12 Billion Lost to Email Scams Since 2013, FBI Says

Over $12.5 billion has been lost through “Business E-mail Compromise” scams from October 2013 to May 2018, according to a July 12 Federal Bureau of Investigation public service announcement.

That is a total of 78, 617 incidents. The number of identified losses through these scams across the globe between December 2016 and May 2018 went up 136 percent. The PSA specifically notes that the real estate sector is “heavily targeted.”

The email scams are often used to trick business into wiring funds to seemingly legitimate accounts but sometimes the scammers will try to get personal information or wage and tax statements from employees through “compromising a legitimate business email.”

Scammers will often try to use suggesting changes to already planned payments, whether it be a change in account location or payment type.

“The best defense is to verify all requests for a change in payment type and/or location,” the FBI wrote. “Be wary of any communication that is exclusively e-mail based and establish a secondary means of communication for verification purposes.”

Homeland Security Todayhttp://www.hstoday.us
The Government Technology & Services Coalition's Homeland Security Today (HSToday) is the premier news and information resource for the homeland security community, dedicated to elevating the discussions and insights that can support a safe and secure nation. A non-profit magazine and media platform, HSToday provides readers with the whole story, placing facts and comments in context to inform debate and drive realistic solutions to some of the nation’s most vexing security challenges.

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