Threat Intelligence

6/15/2016
10:30 AM
100%
0%

FBI: BEC Scam Attempts Amount to $3 Billion

FBI warns of rise in business email compromise frauds, says it should be reported immediately.

The FBI is warning that there has been a sudden spike in business email compromise (BEC) scams. Launching a public awareness campaign, the Bureau said fraudsters tried to steal around $3.1 billion from businesses posing as company executives and ordering huge wire transfers. Just four months ago, the FBI put the figure at $2.3 billion, so this is a significant increase in such a short time. Although not all attempts were successful, news reports show that BEC attacks have struck several companies with multimillion-dollar losses.  

US and foreign victims have reported 22,143 cases from October 2013 through last month, according to the FBI. The bureau has asked to be notified immediately of a BEC scheme, which saw 1300 percent hike in losses since January 2015, so that the transferred money could be recovered before it got too late. Transfer requests are commonly made to China and Hong Kong banks, adds the FBI.

The recent increase in such activities is seen partly because of the effort made by law enforcement agencies to categorize these scams separately as BECs in which the business and not the customer is targeted -- unlike regular wire fraud, says Reuters, citing the FBI.

Read full report at Reuters

Dark Reading's Quick Hits delivers a brief synopsis and summary of the significance of breaking news events. For more information from the original source of the news item, please follow the link provided in this article. View Full Bio

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
hugo550
100%
0%
hugo550,
User Rank: Apprentice
7/8/2016 | 4:26:20 PM
nice
OMG ! NICE
Higher Education: 15 Books to Help Cybersecurity Pros Be Better
Curtis Franklin Jr., Senior Editor at Dark Reading,  12/12/2018
'PowerSnitch' Hacks Androids via Power Banks
Kelly Jackson Higgins, Executive Editor at Dark Reading,  12/8/2018
Worst Password Blunders of 2018 Hit Organizations East and West
Curtis Franklin Jr., Senior Editor at Dark Reading,  12/12/2018
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Write a Caption, Win a Starbucks Card! Click Here
Latest Comment: This comment is waiting for review by our moderators.
Current Issue
10 Best Practices That Could Reshape Your IT Security Department
This Dark Reading Tech Digest, explores ten best practices that could reshape IT security departments.
Flash Poll
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2018-14623
PUBLISHED: 2018-12-14
A SQL injection flaw was found in katello's errata-related API. An authenticated remote attacker can craft input data to force a malformed SQL query to the backend database, which will leak internal IDs. This is issue is related to an incomplete fix for CVE-2016-3072. Version 3.10 and older is vulne...
CVE-2018-18093
PUBLISHED: 2018-12-14
Improper file permissions in the installer for Intel VTune Amplifier 2018 Update 3 and before may allow unprivileged user to potentially gain privileged access via local access.
CVE-2018-18096
PUBLISHED: 2018-12-14
Improper memory handling in Intel QuickAssist Technology for Linux (all versions) may allow an authenticated user to potentially enable a denial of service via local access.
CVE-2018-18097
PUBLISHED: 2018-12-14
Improper directory permissions in Intel Solid State Drive Toolbox before 3.5.7 may allow an authenticated user to potentially enable escalation of privilege via local access.
CVE-2018-3704
PUBLISHED: 2018-12-14
Improper directory permissions in the installer for the Intel Parallel Studio before 2019 Gold may allow authenticated users to potentially enable an escalation of privilege via local access.