The Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3) issued an alert on business email compromise scams. According to the alert, the scam uses computer intrusion or social engineering to compromise legitimate email accounts and complete unauthorized fund transfers. This is a sophisticated scam targeting businesses and individuals who perform wire transfer payments.
Between December 2016 and May 2018, there was a 136% increase in losses due to email compromise scams. Fraudulent transfers have been sent to 115 countries, and the real estate industry has been specifically targeted.
A copy of the alert can be accessed by clicking here.