In 2019, TCDLA first requested information on the sophisticated scam known as Business Email Compromise/Email Account Compromise, (BEC/EAC), for short. Now, in 2022, it is unfortunate to report that the situation has only grown worse.
The BEC swindle is aimed at organizations and individuals who execute wire transfers. These cyber criminals utilize compromised email addresses and abuse virtual meeting platforms in order to advise victims to provide information that will allow them access to funds.
These cunning cons often use email platforms to manipulate company executives who approve wire transfers into transmitting fraudulent, large dollar amounts. Once the money is transferred overseas, it is exceedingly difficult to recover or prosecute. The best way to avoid being scammed is to learn about BEC/EAC, to spread awareness and to implement employee training.
Now, in the third year of the pandemic, virtual meeting platform usage in the workplace is the norm. The advent of these virtual meeting platforms came along with a rapid increase in BEC/ EAC attacks. The platforms used by so many businesspeople today were immediately recognized and targeted by the criminal world as a primary tool to advance their invasion. I would direct all readers to view the FBI Public Service Announcement at the following URL for full and complete details concerning how they, and others, may be at risk: https://www.ic3.gov/Media/Y2022/PSA220216.
It will point out that between the first alert in 2019, and until the end of 2021, there had been an increase in BEC/EAC complaints. Trend Micro has determined the five types of BEC/EAC frauds: the Bogus Invoice Scheme, the CEO Fraud, the Account Compromise, Attorney Impersonation, and Data Theft. You can find definitions here: https://www.trendmicro.com/vinfo/us/security/definition/business‑email‑compromise‑(bec).
The use of cryptocurrency, which is a form of virtual funds, is currently rising within these scams. The FBI PSA alert number I ‑041321 states that cryptocurrency “…is popular among illicit actors due to the high degree of anonymity associated with it and the speed which transactions occur.” You can find more information at:
https://www.ic3.gov/Media/Y2021/PSA210413
The BEC/ESA exploitation has undoubtedly spread due to the COVID‑19 epidemic, which launched the advent of virtual meeting platforms, and caused the separation of offices and employees, making individuals more susceptible to these digital deceivers.
It is truly incumbent upon the honest and initiative‑taking businesspeople in our global society to educate their staff and key personnel, while awareness at an all time high.
If you find that you are the victim of a fraudulent activity, contact your financial institution immediately to request a recall of funds. Regardless of the amount lost, file a complaint with www.ic3.gov or, for BEC/EAC victims, BEC.ic3.gov, as soon as possible.
M. “Mike” Adams, EnCE, TX DPS # A17351
TALI, TACDL, NACDL
www.pfforensics.com
M. “Mike” Adams, EnCE, TX DPS # A17351
TALI, TACDL, NACDL
Prime Focus Forensics, LLC
www.pfforensics.com
