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The Daily

FBI: Wire Transfer Scams a $2.3 Billion Industry

By:
Chris Gaetano
Published Date:
Apr 8, 2016
Lying ManScams are a big business, but the FBI recently revealed just how big it is: $2.3 billion, according to Reuters. This figure is the total amount of money lost by 17,642 businesses in 79 countries to a specific type of scam where fraudsters impersonate company executives in emails that order staff to transfer to accounts controlled by criminals, according to Reuters. While this scam has existed for a number of years, the FBI reported that these lucrative cons have been growing, as the bureau has seen a 270 percent increase in identified victims and exposed loss since January 2015, according to Reuters. This type of fraud is expected to grow even further, said Reuters, as more scammers learn how much money can be made for what is relatively little risk.