Business Email Compromise Results in $100 Mil. Fraud

May 3, 2016

A Growing Menace Globally

BEC (Business Email Compromise) is continuing to grow and cost businesses and other organizations billions of dollars worldwide. In fact the FBI says $2.3 billion in losses have occurred due to email wire-transfer scams over the last couple of years.

One of the latest and largest frauds transpired last summer when fake email addresses were used by the perpetrators to mimic an American company’s real Asian vendor. Over $98 million was transferred to an account in Cyprus before the bank identified suspicious transfers to other accounts. While $74 million has been recovered, the U.S. government has filed lawsuits to recover another $25 million in other bank accounts globally.

Get the full story here.

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National Practice Leader Sean Missal (860) 466-7377 [email protected]	Mid-West Regional Mgr. Michael Beranek (501) 707-6548 [email protected]
East Regional Manager Matt McNamara (212) 497-3707 [email protected]	Amanda VanCauwenberge (312) 730-1101 avancauwenberge@berkleycrime.com
Patricia Logan (212) 497-3708 [email protected]	Kyna Love (312) 705-1132 [email protected]
Cheryl Yorio (860) 466-7379 [email protected]	Everton Barrington, FLMI (860) 466-7376 [email protected]
Alexander Doerflein (212) 497-3724 [email protected]	West Regional Manager Jennifer Maggi (213) 417-5467 [email protected]
P: 844.44.CRIME [email protected] www.berkleycrime.com	Steve Nguyen (925) 472-8233 [email protected]

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