The FBI has issued an alert about email scams targeting people and businesses that have been reported in all 50 states and 79 countries, with a majority of stolen funds going to banks in China.
The agency distinguishes between schemes that target business, or business email compromise scams, and those targeting individuals, or email account compromise scams. Frauds perpetrated against businesses accounted for $1.2 billion in losses worldwide between October 2013 and August 2015, according to the FBI and international law enforcement. The FBI reported that fraud against individuals in the U.S. accounted for $700,000 in the second quarter of 2015.
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