Better Business Bureau Study Examines Risk to Businesses from Business Email Compromise Scams

An in-depth investigative study by Better Business Bureau (BBB) finds that business email compromise scams are skyrocketing in frequency and have cost businesses and other organizations more than $3 billion since 2016. Business email compromise fraud is an email phishing scam that typically targets people who pay bills in businesses, government and nonprofit organizations. It affects both big and small organizations, and it has resulted in more losses than any other type of fraud in the U.S., according to the Federal Bureau of Investigations (FBI). The BBB is encouraging businesses and other organizations to take technical precautions such as multifactor authentication for email logins and other changes in email settings, along with verifying changes in information about customers, employees or vendors.