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Business email compromise (BEC) has once again proven to be a costly issue, with one company losing $60 million to wire transfer fraud
August 16, 2024
A Luxembourg-based chemical and manufacturing company has done just that recently ago one of the largest BEC (Business Email Compromise) attacks ever.
According to a file to the U.S. Securities and Exchanges Commission (SEC), an employee was tricked into making multiple wire transfers to cybercriminals, causing the company to lose $60 million.
BEC scams often operate as social engineering schemes, where criminals typically pose as high-level executives and ask employees with access to the organization’s funds to transfer money for a business-related purpose.
According to the FBI 2023 Internet Crime ReportBEC is considered the second most harmful form of cybercrime, with a combined damage of $2.9 billion.
Watch Tony discuss the implications of such plans in our latest video.
