Covers wire transfer fraud schemes where cybercriminals use social engineering, email compromise, or account takeover to redirect financial transfers to fraudulent accounts. Includes prevention protocols, multi-step verification processes, and real-world examples of how organizations lose funds to these attacks.
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A Single Email Cost This Company $47 Million In 2016, FACC, an Austrian aerospace parts manufacturer, lost €42 million (roughly $47 million USD) after an employee wired funds based on instructions that appeared to come from the CEO. The email was fake. The money vanished into accounts controlled by threat
A Single Email Cost This Company $37 Million In 2024, the FBI's Internet Crime Complaint Center reported that Business Email Compromise — the category that includes every CEO fraud email scam — generated adjusted losses exceeding $2.9 billion in a single year. That number has held steady as one
In May 2023, the FBI's Internet Crime Complaint Center reported that business email compromise — the category that includes every CEO fraud email scam — caused adjusted losses exceeding $2.7 billion in 2022 alone. That made it the single most financially devastating cybercrime category the FBI tracks. Not ransomware.
In March 2021, the FBI's Internet Crime Complaint Center reported that business email compromise — the category that includes every CEO fraud email scam — generated $1.8 billion in reported losses in 2020 alone. That made it the single most financially damaging cybercrime category in the entire IC3 report,
A Single Email Cost This Company $47 Million In 2015, Ubiquiti Networks disclosed that attackers impersonating company executives tricked finance employees into wiring $46.7 million to overseas accounts controlled by threat actors. No malware. No zero-day exploit. Just a carefully crafted CEO fraud email scam that exploited trust, urgency,
A Single Email Cost This Company $47 Million In 2015, Ubiquiti Networks disclosed that threat actors used a CEO fraud email scam to trick finance employees into wiring $46.7 million to overseas accounts controlled by attackers. The emails looked like routine requests from senior executives. No malware was involved.
