Home Business Rise In Wire-Transfer Fraud Through Spoofed Emails- FBI

Rise In Wire-Transfer Fraud Through Spoofed Emails- FBI

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Cyber wire fraud, through emails has increased tremendously. This alarming piece of information has been confirmed by US Federal Bureau of Investigation. There are plans made by frauds, in which they use emails of renowned businessmen, asking for money for official use. The companies and organization get in to the bluff and send money in the wrong hands. The biggest market for these scammers is America, though now they are moving to other countries like Britain and Australia as well.

These are schemes called business email compromise and they are going on from 2013 with $5.3 billion compromised as per the FBI report. This stat has gone up from the previous stat by FBI which said that the money stolen by frauds through spoofed emails was $3.1 billion from October 2013 to May 2016. Now the figure has jumped almost two billion more, which is shocking as well as eye-opener for all the businesses and multinationals.

Moreover, the cyber criminals who email apparently displaying themselves as senior officer, they also have increased from 22,143 to 40,203 in the last six months.

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What’s more is that FBI has covered just 20% of the total cases of cybercrime through emails going on. Therefore the loss estimated could be thrice more than figured out by FBI. This situation has become so aggravated because criminals are more polished now, they can figure out easy targets and get access to finance departments of leading companies.

In some cases they do get caught, but in many cases now these criminals are asking for sensitive information along with money through their fraud emails. The situation needs a solution now before it gets completely out of control.

Image via: Reuters