Business Email Compromise (BEC) fraud is arguably the most pervasive and persistent financial crime challenge facing U.S. business today. In 2019, the FBI’s Internet Crime Complaint Centre (IC3) recorded 23,775 complaints about BEC with losses of some $1.7 billion, an average of $71,500 per event. Furthermore, it estimated global losses over the previous three years in excess of $26 billion. In a recent survey, the Association for Financial Professionals found that for six in 10 of all frauds investigated, BEC was the most common type of fraud members experienced.
Unfortunately, fraudsters manage to achieve this with largely minimal interference from the authorities, creating a huge challenge for financial services organizations (FSOs). Without a strategic response, FSOs risk reputational impact, high value losses and a poor customer experience.
To respond to the threat, NICE Actimize recommends combatting BEC fraud with three pillars of action – Define - Detect - Defend.
Download these resources to learn more about addressing the BEC threat.
