Legal Departments Must Keep Rising Email Scams on Their Radars
Business email compromise schemes and payroll diversion tactics led to total monetary losses of $1.3 billion in 2018, according to the FBI's Internet Crime Complaint Center 2018 Internet Crime Report published earlier this week.
April 26, 2019 at 05:48 PM
3 minute read
Business email compromise schemes and payroll diversion tactics led to total monetary losses of $1.3 billion in 2018, according to the FBI's Internet Crime Complaint Center 2018 Internet Crime Report published earlier this week.
The center received 20,373 business email compromises and email account compromise complaints in 2018, which led to a loss of over $1.2 billion. The center also received approximately 100 complaints of payroll diversion with a combined loss of $100 million.
Peter Baldwin, a partner at Drinker Biddle & Reath in New York, said he believes when this report comes out again next year, the numbers for both scams will have gone up. The crimes do not cost a lot of money to perpetrate, and the payoff can be in the millions of dollars.
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