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
Oldest First  |  Newest First  |  Threaded View
hugo550
100%
0%
hugo550,
User Rank: Apprentice
7/8/2016 | 4:26:20 PM
nice
OMG ! NICE
I 'Hacked' My Accounts Using My Mobile Number: Here's What I Learned
Nicole Sette, Director in the Cyber Risk practice of Kroll, a division of Duff & Phelps,  11/19/2019
DevSecOps: The Answer to the Cloud Security Skills Gap
Lamont Orange, Chief Information Security Officer at Netskope,  11/15/2019
Attackers' Costs Increasing as Businesses Focus on Security
Robert Lemos, Contributing Writer,  11/15/2019
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Current Issue
Navigating the Deluge of Security Data
In this Tech Digest, Dark Reading shares the experiences of some top security practitioners as they navigate volumes of security data. We examine some examples of how enterprises can cull this data to find the clues they need.
Flash Poll
Rethinking Enterprise Data Defense
Rethinking Enterprise Data Defense
Frustrated with recurring intrusions and breaches, cybersecurity professionals are questioning some of the industrys conventional wisdom. Heres a look at what theyre thinking about.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2019-5087
PUBLISHED: 2019-11-21
An exploitable integer overflow vulnerability exists in the flattenIncrementally function in the xcf2png and xcf2pnm binaries of xcftools 1.0.7. An integer overflow can occur while calculating the row's allocation size, that could be exploited to corrupt memory and eventually execute arbitrary code....
CVE-2019-5509
PUBLISHED: 2019-11-21
ONTAP Select Deploy administration utility versions 2.11.2 through 2.12.2 are susceptible to a code injection vulnerability which when successfully exploited could allow an unauthenticated remote attacker to enable and use a privileged user account.
CVE-2019-6693
PUBLISHED: 2019-11-21
Use of a hard-coded cryptographic key to cipher sensitive data in FortiOS configuration backup file may allow an attacker with access to the backup file to decipher the sensitive data, via knowledge of the hard-coded key. The aforementioned sensitive data includes users' passwords (except the admini...
CVE-2019-17272
PUBLISHED: 2019-11-21
All versions of ONTAP Select Deploy administration utility are susceptible to a vulnerability which when successfully exploited could allow an administrative user to escalate their privileges.
CVE-2019-17650
PUBLISHED: 2019-11-21
An Improper Neutralization of Special Elements used in a Command vulnerability in one of FortiClient for Mac OS root processes, may allow a local user of the system on which FortiClient is running to execute unauthorized code as root by bypassing a security check.