Man Gets 11-Year US Federal Sentence for Global BEC Scam
A leader of an international crime network that attempted to launder more than $25 million in fraudulently obtained funds, including through business email compromise, received a sentence of more than a decade in prison. Valentine Iro, 34, pleaded guilty in October 2020 to one count of conspiracy to engage in money laundering. He was sentenced…
Nigerian Authorities Arrest 11 Members of Prolific BEC Fraud Group
The 11 suspects were arrested as part of a 10-day operation (December 13-22, 2021) in which the Nigerian Police collaborated with Interpol and private security firms Palo Alto Networks and Group-IB. The individuals are believed to be collectively involved in BEC attacks targeting more than 50,000 victims. On the laptop of one of the suspects,…
How Abnormal Security combats business email compromise
When looking at all the different ways that hackers can threaten networks and enterprises, flashy incidents like ransomware scams often come to mind. But a relatively new kind of attack called business email compromise (BEC) has taken the lead in both frequency and overall damage, quickly becoming public enemy number one. According to the FBI’s…
6.4 billion fake emails sent every day
The Valimail Q2 2018 Email Fraud Landscape shows that fake email continues to be a serious problem, with an estimated 6.4 billion fake emails sent every day. That total includes only exact-domain sender spoofing, in which senders put a fake email address in the From: field of their messages. This is one of the most…