A new report from Trend Micro reveals an oft-underreported scam has bilked more than $3 billion from businesses around the world, The Hill reports. “Business email compromise” — a method by which adversaries use email to trick employees into wiring company funds — has affected approximately 22,000 organizations, according to the FBI, since the beginning of 2015. Trend Micro tracked more than 2,000 BEC incidents in the U.S. and found that attackers often closely research a given target. An adversary may research a company’s legal settlement and imitate the law firm’s email account, for example. Trend Micro Chief Cybersecurity Officer Ed Cabrera said, “BEC doesn’t fall in line with data breach laws — it’s just a digital con game. And unlike other attacks, it does not cause a loss of operational time.”
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