Vulnerabilities / Threats

8/2/2016
12:40 PM
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BEC Scam Mastermind Arrested By Interpol

Nigerian national charged with corporate email fraud of more than $60 million.

Mike, a Nigerian national who is regarded the brain behind several Business Email Compromise (BEC), 419 and romance scams, was arrested by Interpol on charges of cheating companies out of more than $60 million, says Trend Micro, a security solution developer. The arrests were reportedly made possible with the help of Nigeria’s Economic and Financial Crime Commission (EFCC) and Trend Micro.

While examining malware used in BEC frauds, Trend Micro in 2014 found evidences in their command-and-control composition that linked them to Mike. The mastermind, whose accomplices include cybercriminals from Nigeria, Malaysia and South Africa, was arrested in June 2016.

BEC scams, says Trend Micro, which are responsible for major financial damages to corporate and businesses, have registered a loss of more than $3 billion in 2016. The fraud involves targeting unsuspecting employees through emails and duping them into transferring money.

Read details here.

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