Accounts deceivable: Email scam costliest type of cybercrime

By ALAN SUDERMAN
Associated Press

RICHMOND, Va. (AP) — Business Email Compromise scams are a type of crime where criminals hack into email accounts, pretend to be someone they’re not and fool victims into sending money where it doesn’t belong. These crimes get far less attention than the massive ransomware attacks that have triggered a powerful government response, but BEC scams have been the costliest type of cybercrime in the U.S. for years. The huge payoffs and low risks associated with BEC scams have attracted criminals worldwide. Some flaunt their ill-gotten wealth on social media, posing in pictures next to Ferraris, Bentleys, and stacks of cash.