#AceNewsReport – Feb.12: The last calendar year saw both the highest number of complaints and the highest dollar losses reported since the center was established in May 2000: IC3 received 467,361 complaints in 2019—an average of nearly 1,300 every day—and recorded more than $3.5 billion in losses to individual and business victims.
The most frequently reported complaints were phishing and similar ploys, non-payment/non-delivery scams, and extortion: The most financially costly complaints involved business email compromise, romance or confidence fraud, and spoofing, or mimicking the account of a person or vendor known to the victim to gather personal or financial information.
Shifts in Business Email Compromise:
Business email compromise (BEC), or email account compromise, has been a major concern for years. In 2019, IC3 recorded 23,775 complaints about BEC, which resulted in more than $1.7 billion in losses: These scams typically involve a criminal spoofing or mimicking a legitimate email address. For example, an individual will receive a message that appears to be from an executive within their company or a business with which an individual has a relationship. The email will request a payment, wire transfer, or gift card purchase that seems legitimate but actually funnels money directly to a criminal.
In the last year, IC3 reported seeing an increase in the number of BEC complaints related to the diversion of payroll funds: “In this type of scheme, a company’s human resources or payroll department receives an email appearing to be from an employee requesting to update their direct deposit information for the current pay period,” the report said. The change instead routes an employee’s paycheck to a criminal.
#AceTelegramNewsDesk report ………………Published: Feb.12: 2020:
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