Don’t Fall Prey To “The $43 Billion Scam”: Business Email Compromise Schemes On The Rise For Construction Companies – Construction & Planning

As updated statistics from the
FBI’s Internet Crime Complaint Center show, business email
compromise (BEC) schemes increasingly put funds transfers at risk.
Between June 2016 and December 2021, reported exposed dollar loss
associated with BEC schemes was greater than $43 billion.

The FBI has previously warned construction
companies about cyber actors impersonating construction companies
to conduct BEC schemes.

Now more than ever construction companies must implement
controls to recognize and prevent BEC scams and safeguard their
fund transactions.

What is the BEC threat?

A BEC scam targets businesses and individuals performing wire
transfer payments. The email account compromise (EAC) part of BEC
targets…