Define - Detect - Defend: The Path to Defeating Business Email Compromise Fraud
Business Email Compromise (BEC) fraud is arguably the most pervasive and persistent financial crime challenge facing U.S. business today. In fact, no less an authority than the FBI has identified it as the number one financial threat to U.S. business. The metrics back this up. In 2019, the FBI’s Internet Crime Complaint Centre (IC3) recorded 23,775 complaints about BEC with losses of some $1.7 billion, an average of $71,500 per event. Furthermore, it estimated global losses over the previous three years in excess of $26 billion.
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