SCARS Institute’s Encyclopedia of Scams™ Published Continuously for 25 Years
Business E-Mail Compromise Scam Warning
Across The World, Businesses Are Losing Over USD$100,000,000,000 A Year In BEC Scams
This is also 100% preventable with basic knowledge and safeguards
FBI Warns American Business Owners of Business E-Mail Compromise Scam
FBI Has Important Information For Area Business Owners Who Find Themselves The Victim Of A Business E-Mail Compromise Scam (BEC also known as CEO Scams).
This sophisticated financial fraud targets businesses of all types, especially those who regularly perform wire transfers. In addition to using spoofed e-mail accounts, the actors often compromise valid business e-mail accounts through social engineering or computer intrusion techniques to initiate wire transfers on the criminal’s behalf.
Example of a Business E-Mail Compromise Scam (BEC also known as CEO Scams)
Over the last two years, the FBI’s Internet Crime Complaint Center (IC3.gov) has seen a 2,370% increase in actual and attempted BEC losses, affecting businesses in all 50 states and 131 countries. Since October 2013, those losses total well over $5 billion in the Chicago area alone. Some estimates are that this is over US$100 billion annually (2021).
Tip #1: Know Who to Contact
Business owners who believe they have been caught up in a BEC scam should always contact their bank immediately. The next step is to contact law enforcement. Investigators say that deciding which law enforcement agency to contact in this situation can be confusing.
Each FBI Field office is home to a Business E-mail Compromise Task Force for that area. These local task forces are a joint effort between the FBI, United States Postal Inspection Service, Federal Housing Finance Agency, Local Police Departments, US Treasury Department, US Homeland Security Investigations, Office of Labor Racketeering and Fraud Investigations, and the Board of Governors of the Federal Reserve System Consumer Financial Protection Bureau. They were established in November 2016 to assist regional businesses facing the BEC threat.
Tip #2: Know How to Make Contact
Sending an email to BEC@ic.fbi.gov is the best and easiest way to contact the BEC task force. In your message, include the following:
- Date of the incident
- Summary of the incident
- Victim name
- Victim location (city, state)
- Victim bank name
- Victim bank account number
- Beneficiary name
- Beneficiary account number
- Beneficiary bank location
- Intermediary bank name
- SWIFT/IBAN number
- Date of transaction
- Amount of transaction
- Copies of e-mails, to include header information
Tip #3: Know When to Make Contact
Investigators say it is critical to contact law enforcement as soon as possible. In order to provide the best opportunity for the recovery of your funds, the BEC Task Force must be in a position to take action within 72 hours of the money leaving your account via a wire transfer.
Since its formation, the FBI BEC Task Force has stopped millions of dollars in wire transfers from being completed by cybercriminals.
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![business-email-compromise-timeline-022717[1]](https://romancescamsnow.com/wp-content/uploads/2021/02/business-email-compromise-timeline-0227171.jpg "Business E-Mail Compromise Scam Warning business email compromise timeline 0227171")
TAGS: SCARS, Information About Scams, Anti-Scam, Scams, Scammers, Fraudsters, Cybercrime, Crybercriminals, Scam Victims, Online Fraud, Online Crime Is Real Crime, Scam Avoidance, BEC Scams, Business Fraud, Business Email Compromise Scams
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By the SCARS™ Editorial Team
Society of Citizens Against Relationship Scams Inc.
A Worldwide Crime Victims Assistance & Crime Prevention Nonprofit Organization Headquartered In Miami Florida USA & Monterrey NL Mexico, with Partners In More Than 60 Countries
To Learn More, Volunteer, or Donate Visit: www.AgainstScams.org
Contact Us: Contact@AgainstScams.org
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Table of Contents
- Across The World, Businesses Are Losing Over USD$100,000,000,000 A Year In BEC Scams
- FBI Has Important Information For Area Business Owners Who Find Themselves The Victim Of A Business E-Mail Compromise Scam (BEC also known as CEO Scams).
- Tip #1: Know Who to Contact
- Tip #2: Know How to Make Contact
- Tip #3: Know When to Make Contact
- PLEASE SHARE OUR ARTICLES WITH YOUR FRIENDS & FAMILY
- By the SCARS™ Editorial Team
Society of Citizens Against Relationship Scams Inc.
Rapid Report Scammers
In the U.S. & Canada
U.S. & Canada Suicide Lifeline 988
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ARTICLE META
Important Information for New Scam Victims
- Please visit www.ScamVictimsSupport.org – a SCARS Website for New Scam Victims & Sextortion Victims
- Enroll in FREE SCARS Scam Survivor’s School now at www.SCARSeducation.org
- Please visit www.ScamPsychology.org – to more fully understand the psychological concepts involved in scams and scam victim recovery
If you are looking for local trauma counselors please visit counseling.AgainstScams.org or join SCARS for our counseling/therapy benefit: membership.AgainstScams.org
If you need to speak with someone now, you can dial 988 or find phone numbers for crisis hotlines all around the world here: www.opencounseling.com/suicide-hotlines
A Note About Labeling!
We often use the term ‘scam victim’ in our articles, but this is a convenience to help those searching for information in search engines like Google. It is just a convenience and has no deeper meaning. If you have come through such an experience, YOU are a Survivor! It was not your fault. You are not alone! Axios!
A Question of Trust
At the SCARS Institute, we invite you to do your own research on the topics we speak about and publish, Our team investigates the subject being discussed, especially when it comes to understanding the scam victims-survivors experience. You can do Google searches but in many cases, you will have to wade through scientific papers and studies. However, remember that biases and perspectives matter and influence the outcome. Regardless, we encourage you to explore these topics as thoroughly as you can for your own awareness.
Statement About Victim Blaming
SCARS Institute articles examine different aspects of the scam victim experience, as well as those who may have been secondary victims. This work focuses on understanding victimization through the science of victimology, including common psychological and behavioral responses. The purpose is to help victims and survivors understand why these crimes occurred, reduce shame and self-blame, strengthen recovery programs and victim opportunities, and lower the risk of future victimization.
At times, these discussions may sound uncomfortable, overwhelming, or may be mistaken for blame. They are not. Scam victims are never blamed. Our goal is to explain the mechanisms of deception and the human responses that scammers exploit, and the processes that occur after the scam ends, so victims can better understand what happened to them and why it felt convincing at the time, and what the path looks like going forward.
Articles that address the psychology, neurology, physiology, and other characteristics of scams and the victim experience recognize that all people share cognitive and emotional traits that can be manipulated under the right conditions. These characteristics are not flaws. They are normal human functions that criminals deliberately exploit. Victims typically have little awareness of these mechanisms while a scam is unfolding and a very limited ability to control them. Awareness often comes only after the harm has occurred.
By explaining these processes, these articles help victims make sense of their experiences, understand common post-scam reactions, and identify ways to protect themselves moving forward. This knowledge supports recovery by replacing confusion and self-blame with clarity, context, and self-compassion.
Additional educational material on these topics is available at ScamPsychology.org – ScamsNOW.com and other SCARS Institute websites.
Psychology Disclaimer:
All articles about psychology and the human brain on this website are for information & education only
The information provided in this article is intended for educational and self-help purposes only and should not be construed as a substitute for professional therapy or counseling.
While any self-help techniques outlined herein may be beneficial for scam victims seeking to recover from their experience and move towards recovery, it is important to consult with a qualified mental health professional before initiating any course of action. Each individual’s experience and needs are unique, and what works for one person may not be suitable for another.
Additionally, any approach may not be appropriate for individuals with certain pre-existing mental health conditions or trauma histories. It is advisable to seek guidance from a licensed therapist or counselor who can provide personalized support, guidance, and treatment tailored to your specific needs.
If you are experiencing significant distress or emotional difficulties related to a scam or other traumatic event, please consult your doctor or mental health provider for appropriate care and support.
Also read our SCARS Institute Statement about Professional Care for Scam Victims – click here to go to our ScamsNOW.com website.
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