The scammers continue to find easy ways to dupe unsuspecting businesses into sending information or money to them....more
An old trick is coming back and working. It is a wire fraud scheme targeted at homeowners instead of businesses, and it is happening at an alarming rate....more
On June 12, 2018, the U.S. Department of Justice announced the internationally coordinated arrests of 74 individuals involved in a series of multimillion-dollar business email compromise schemes ("BEC"). Although these...more
A legal feud is underway between the world’s biggest hedge fund administrator and a former client over an email scam that resulted in hackers stealing millions in client funds. And not surprisingly, the time-honored...more
The “business compromise email” is what the FBI calls the “$5 billion scam,” but apparently an insurance company did not agree with an insured company that they had been the victim of a crime....more
In an effort to combat an increasing number of fraudulent transfers carried out using its network, SWIFT, the international bank transfer network, announced this month that it is adding new tools and controls designed to...more
On January 17, 2017, officials in Farmington, Connecticut disclosed that the town was recently the victim of a multi-million dollar theft likely perpetrated by sophisticated cybercriminals operating in China. The thieves...more
As cyber-attacks involving the global payment system SWIFT increase in frequency abroad, U.S. regulators are discussing steps designed to protect against similar attacks on U.S. financial institutions. The Federal Reserve,...more
An unnamed bank in Ukraine is the most recent victim in a series of cyber-attacks exploiting vulnerabilities in the international banking communications system. According to an independent IT monitoring organization, hackers...more
In March, we reported on the Business E-mail Compromise (BEC) scam where criminals target employees responsible for wiring company money, and trick them into wiring money under false pretenses to fraudulent accounts...more