Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

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
7 Truths About BEC Scams
Ericka Chickowski, Contributing Writer,  6/13/2019
DNS Firewalls Could Prevent Billions in Losses to Cybercrime
Curtis Franklin Jr., Senior Editor at Dark Reading,  6/13/2019
Cognitive Bias Can Hamper Security Decisions
Kelly Sheridan, Staff Editor, Dark Reading,  6/10/2019
Register for Dark Reading Newsletters
White Papers
Video
Cartoon
Current Issue
Building and Managing an IT Security Operations Program
As cyber threats grow, many organizations are building security operations centers (SOCs) to improve their defenses. In this Tech Digest you will learn tips on how to get the most out of a SOC in your organization - and what to do if you can't afford to build one.
Flash Poll
The State of IT Operations and Cybersecurity Operations
The State of IT Operations and Cybersecurity Operations
Your enterprise's cyber risk may depend upon the relationship between the IT team and the security team. Heres some insight on what's working and what isn't in the data center.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2013-7472
PUBLISHED: 2019-06-15
The "Count per Day" plugin before 3.2.6 for WordPress allows XSS via the wp-admin/?page=cpd_metaboxes daytoshow parameter.
CVE-2019-12839
PUBLISHED: 2019-06-15
In OrangeHRM 4.3.1 and before, there is an input validation error within admin/listMailConfiguration (txtSendmailPath parameter) that allows authenticated attackers to achieve arbitrary command execution.
CVE-2019-12840
PUBLISHED: 2019-06-15
In Webmin through 1.910, any user authorized to the "Package Updates" module can execute arbitrary commands with root privileges via the data parameter to update.cgi.
CVE-2019-12835
PUBLISHED: 2019-06-15
formats/xml.cpp in Leanify 0.4.3 allows for a controlled out-of-bounds write in xml_memory_writer::write via characters that require escaping.
CVE-2019-12830
PUBLISHED: 2019-06-15
In MyBB before 1.8.21, an attacker can exploit a parsing flaw in the Private Message / Post renderer that leads to [video] BBCode persistent XSS to take over any forum account, aka a nested video MyCode issue.