2026 Threat Intelligence Report

The State of Business Email Compromise in 2026

How AI deepfakes, vendor infiltration, and industrial-scale account takeover are rewriting the rules of financial fraud — and why current defenses may already be obsolete.

$3B+

Lost in 2025

74%

Organizations hit

10.7M

Attacks in Q1 2026

186

Countries affected

What's Inside

Anatomy of a $3B fraud economy

How BEC actors industrialized attacks across 2025–2026, and what changed.

The deepfake CFO problem

Real case studies of voice-cloned approval calls that bypassed finance controls.

The vendor infiltration kill chain

How attackers hijack trusted supplier relationships to reach your inbox.

Why MFA isn't enough anymore

The session-hijacking techniques bypassing multi-factor auth at scale.

The 2026 defensive playbook

The specific controls that are actually stopping these attacks today.

Regional threat activity

Where East African organizations sit against the global BEC picture.

“By the time finance teams verify a wire transfer against a deepfaked voice call, the funds have already moved through four jurisdictions. Verification protocols built for 2020 have no answer for this.”

— Executive Summary, p. 4

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42 pages · Full data, case studies and defensive guidance.

Compiled by the Seraph Threat Intelligence Team

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