Source: National Cyber Security – Produced By Gregory Evans
It was not so long ago that in the cyberspace realm businesses only needed to worry about having a good firewall and spam filter to prevent fraud. Now, as technology has advanced so have the fraudsters and the government is warning businesses, especially those conducting business with foreign suppliers and/or businesses, of a new and escalating scam called the Business Email Compromise, the BEC. Earlier this year, the FBI issued its first public service announcement (“PSA-Alert”)about the BEC, out of its Internet Crime Complaint Center (IC3). Then, in August 2015, the FBI updated the BEC PSA-Alert in order to further warn businesses and to provide up-to-date statistics. The statistics published show that between October 2013 to August 2015 there have been more than 7,000 U.S. victims with losses estimated close to $750 million. Worldwide, the BEC losses are estimated at more than $1.2 billion. What Businesses Need to Look Out For Per the FBI PSA-Alert, the BEC is a scam that targets businesses working with foreign suppliers and/or other businesses that regularly perform wire transfer payments. The FBI has identified four main versions of the BEC scam. Version 1 typically involves a business, which often has a long standing relationship […]
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