Tag Archives: business email compromise

How Do You Fight a $12B Fraud Problem? One Scammer at a Time

October 25, 2018

The fraudsters behind the often laughable Nigerian prince email scams have long since branched out into far more serious and lucrative forms of fraud, including account takeovers, phishing, dating scams, and malware deployment. Combating such a multifarious menace can seem daunting, but in truth it calls for concerted efforts to tackle the problem from many different angles. This post examines the work of a large, private group of volunteers dedicated to doing just that.

FBI: $1.2B Lost to Business Email Scams

August 27, 2015

The FBI today warned about a significant spike in victims and dollar losses stemming from an increasingly common scam in which crooks spoof communications from executives at the victim firm in a bid to initiate unauthorized international wire transfers. According to the FBI, thieves stole nearly $750 million in such scams from more than 7,000 victim companies in the U.S. between October 2013 and August 2015.

Spoofing the Boss Turns Thieves a Tidy Profit

March 10, 2015

Judy came within a whisker of losing $315,000 in cash belonging to her employer, a mid-sized manufacturing company in northeast Ohio. Judy’s boss had emailed her, asking her to wire the money to China to pay for some raw materials. The boss, who was traveling abroad at the time, had requested such transfers before — at even higher amounts to manufacturers in China and elsewhere — so the request didn’t seem unusual or suspicious.

Until it did.