November 10, 2017

Email scams cost companies more than $1 Billion

ST. LOUIS – The Better Business Bureau’s Consumer Fraud Task Force encourages businesses to remain alert to Business Email Compromise (BEC) scams.

According to statistics compiled by the Federal Bureau of Investigation, BEC scams are a growing problem, costing companies more than $1 billion in losses in 2016.

The schemes usually involve fake or "spoofed" email instructions that appear to come from high-ranking company officials.

The emails instruct employees to wire cash or provide employee payroll or W-2 information.

At a recent forum held by the FBI and Secret Service in St. Louis, agents said the schemes can hit businesses of any size.

"Anywhere there is a financial transaction, they are looking to insert themselves," an FBI agent said of the scammers.