Business Electronic mail Compromise Attacks Overshadow 2017 FBI Internet Crime Statement

The FBI has issued its 2017 Internet Crime Statement. Data for the statement came from grievances made through its Internet Crime Complaints Center (IC3).

The statement emphasizes the most usual online cheats, the level of Internet offense, and the significant losses experienced as a consequence of Internet-related offenses.

In 2017, there were 301,580 grievances made to IC3 regarding Internet crime, with total losses for the year more than $1.4 billion. Ever since 2013, when the first Internet Offence Statement was first circulated, over $5.52 billion has been lost in online cheats and over 1.4 million grievances have been accepted.

The prominent kinds of online offense in 2017 were non-payment/non-delivery, private data infringements, and phishing; nevertheless, the biggest losses came from business email compromise (BEC) attacks, trust cheats/love scams, and non-payment/non-delivery.

The harms from business email compromise cheats (and email account compromise cheats on consumers) surpassed $675 million. BEC/EAC cheats led to over three times the losses as trust cheats/love scams – the second biggest reason of losses by sufferers. The average loss per BEC/EAC occurrence was $43,094.

There were 25,344 statements of phishing occurrences in 2017 leading to losses of $29,703,421, even though phishing probably played a role in several other types of crime like credit card scam and business and private data breaches.

There were 406 reported instances of healthcare-related crimes and $925,849 was lost to those cheats. Healthcare connected scam includes attempts to cheat personal and government health care programs, bogus insurance cards, thieved health information, and diversion/pill mill practices.

 

Internet Crime Tendencies in 2017

In the statement, the FBI draws attention to hot subjects in 2017 – kinds of wrongdoing that are on the increase and have led to huge damages.

Ransomware was also a hot subject in 2017. Ransomware attacks seem to be declining as cybercriminals shift to other ways of making money such as cryptocurrency mining; nevertheless, there were numerous major attacks in 2017, with the healthcare industry heavily targeted.

The FBI describes that it doesn’t support the paying of a ransom, even though realizes that in circumstances where the company can no longer operate, payment of the ransom must be considered.

Extortion cheats, impersonation schemes, loan schemes, extortion, and hitman plans are also on the increase. There were 14,938 extortion-connected complaints received by IC3 in 2017 and losses surpassed $15 million.