August 13, 2024 at 07:35AM Luxembourg’s Orion SA may face a $60 million loss due to a criminal wire fraud scheme involving fraudulent outbound wire transfers. The company suspects a business email compromise (BEC) scam. Despite the potential loss, Orion remains confident after recently boosting its 2024 sales and profit estimates. The company is working … Read more
August 6, 2024 at 12:12PM INTERPOL introduced a “global stop-payment mechanism,” aiding recovery of funds in the largest-ever business email compromise (BEC) scam. A Singaporean firm lost $42.3 million to a fraudulent supplier but through INTERPOL’s mechanism and arrests, $39 million was recovered. Additionally, a cryptocurrency exchange, Cryptonator, and its founder face indictments for alleged … Read more
June 6, 2024 at 10:39AM The US government filed a civil forfeiture action to recover over $5.3 million lost by a Massachusetts workers union in a business email compromise scam. Cybercriminals tricked the union into transferring the funds using a spoofed email. The fraudsters transferred the money through intermediary bank accounts. Authorities have seized the … Read more