The rate of cyber-related suspicious activity reports has grown to nearly 80,000 per year, according to Kenneth Blanco, director of the Financial Crimes Enforcement Network in the U.S. Treasury Department.

That number includes 13,500 reports per year on suspicious business email alone, up 95% from 2016. Phishing and other email schemes “are among the growing trend of cyber-enabled crime adversely affecting financial institutions, their customers, and others, which is estimated to have resulted in losses of more than $12.5 billion since 2013,” Blanco said in a June 12 speech at New York University Law School.

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