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Business Email Scams Spin Even Wider Webs

PYMNTS

The Federal Bureau of Investigation (FBI) recently issued a public service announcement warning that the BEC scam has now redirected $12 billion worldwide , much of that now having to be written off as a loss for corporates unable to recover the funds.

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‘Scattered Canary’ BEC Scams Aim At US Firms

PYMNTS

The scam involves communications from fraudsters impersonating company officials, suppliers or vendors, instructing unwitting victims to wire funds to accounts they have set up. The group’s genesis traces to West Africa in 2008, where Craigslist was used as a conduit to send counterfeit checks.