St Casimirs Mortgage Minute

FBI: Email Scams Cost $750M Since October ’13

The FBI issued an alert warning about the rising use of a social engineering scam targeting businesses that regularly perform wire transfer payments. According to the FBI, criminals used Business Email Compromise to steal nearly $750 million from more than 7,000 U.S. companies from October 2013 to August 2015. The FBI separately reported that Email Account Compromise, a similar scam in which criminals compromise the email accounts of unsuspecting victims, led to 21 complaints and reported losses of almost $700,000 between April 1 and June 30 of this year. For example, a scammer may compromise a senior bank manager’s account to make it appear to an employee that an email is legitimate. ABA Daily Newsbytes