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FBI: Business email compromise tops $676 million in losses

May 14, 2018 / Kathleen Richards

Verizon's Data Breach Investigations Report indicates an increase in ransomware while the FBI's Internet Crime Report shows a downward trend, with business email compromise on the rise. Business email compromise continues to outpace ransomware, according to the criminal complaints detailed in the FBI's Internet Crime Report, released earlier this month. The FBI's "2017 Internet Crime Report" compiled 301,580 internet-related criminal offenses with reported losses of more than $1.4 billion, based on information provided last year to the bureau's Internet Crime Complaint Center (IC3). Established in May 2000, the IC3 enables victims to use an online reporting mechanism to document complaints regarding internet-related criminal activities. The FBI estimates however that only 15% of victims report cyber fraud to law enforcement. In 2017, business email compromise and email account compromise represented the highest reported losses at more than $676 million, wi...