Business have lost over $3 billion because of compromised e-mail accounts, the FBI reports, citing “a sophisticated scam targeting businesses working with foreign suppliers and/or businesses that regularly perform wire transfer payments.” 22,143 business have been affected — 14,302 within the U.S. — with a total dollar loss of $3,086,250,090, representing an increase of 1,300% since January of 2015.

Using social engineering or “computer intrusion techniques,” the attackers target employees responsible for wire transfers (or issuing checks) using five scenarios, which include bogus invoices or executive requests for a wire transfer of funds, with some attackers even impersonating a corporate law firm. “Victims report that IP addresses frequently trace back to free domain registrars,” warns the FBI’s Internet Crime Complaint Center, which also urges businesses to avoid free web-based e-mail accounts.

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Source: Slashdot – Businesses Lose .1 Billion to Email Scams, FBI Warns