FBI/IC3: Vile $5B business e-mail scam continues to breed

The FBI’s Internet Crime Complaint Center (IC3) this week said the plague it calls the Business Email Compromise continues to rack-up victims and money – over 40,000 worldwide victims and $5 billion in the latest count.

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The BEC scam is typically carried out by compromising legitimate business e-mail accounts through social engineering or computer intrusion to conduct unauthorized transfers of funds, the IC3 stated. Most victims report using wire transfers as a common method of transferring funds for business purposes; however, some victims report using checks as a common method of payment. The fraudsters will use the method most commonly associated with their victim’s normal business practices. The scam has evolved to include the compromising of legitimate business e-mail accounts and requesting Personally Identifiable Information (PII) or Wage and Tax Statement (W-2) forms for employees, and may not always be associated with a request for transfer of funds, the IC3 stated.

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Source: NW Security 1

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