Darknet Diaries cover image

141: The Pig Butcher

Darknet Diaries

ANECDOTE

419 Scams Evolved into BEC

  • Business email compromise (BEC) isn't new; it evolved from 419 scams (Nigerian prince scams).
  • The same scammers who ran 419 scams now execute BEC, targeting businesses instead of individuals.
  • This shift happened because businesses hold larger sums of money than individuals.
  • BEC was the top cybercrime by financial loss from 2015-2021, superseded in 2022 only by "pig butchering".
  • Many view these scams as simple, yet they are remarkably effective.
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