We released the fourth edition of Cyber Signals highlighting a surge in cybercriminal activity around business email compromise (BEC). Microsoft has observed a 38 percent increase in cybercrime as a service (CaaS) targeting business email between 2019 and 2022.
Successful BEC attacks cost organizations hundreds of millions of dollars annually. In 2022, the FBI's Recovery Asset Team (RAT) initiated the Financial Fraud Kill Chain (FFKC) on 2,838 BEC complaints involving domestic transactions with potential losses of more than USD590 million.
BEC attacks stand apart in the cybercrime industry for their emphasis on social engineering and the art of deception. Between April 2022 and April 2023, Microsoft Threat Intelligence detected and investigated 35 million BEC attempts with an adjusted average of 156,000 attempts daily.
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