Cyber fraudsters reap $2.3 billion through email wire-transfer scams


April 8, 2016

Businesses have lost billions of dollars to fast-growing scams where fraudsters impersonate company executives in emails that order staff to transfer to accounts controlled by criminals, according to the US Federal Bureau of Investigation.

Losses from these scams, which are known as “business email compromise,” totaled more than $2.3 billion from October 2013 through February of this year, the FBI said in an alert issued this week, citing reports to law enforcement agencies around the globe.