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FBI issues supplier scam warning to businesses

Discussion in 'CSO' started by RSS, Aug 31, 2015.

  1. RSS

    RSS New Member Member

    The FBI's Internet Complaint Center (IC3) issued a warning last week about a type of scam that has exposed businesses to a total of $1.2 billion in losses, once the numbers from October 2013 until August 2015 are added up.

    The scam is targeted at businesses that deal with international suppliers. Criminals will compromise legitimate email accounts through social engineering or other means, and request financial transfers form the victims.

    Because the email accounts are legitimate (or at least they look legit), and the victim is often used to international payments, these scams are having a moderate to high degree of success.

    "Most victims report using wire transfers as a common method of transferring funds for business purposes; however, some victims report using checks as a common method of payment. The fraudsters will use the method most commonly associated with their victim’s normal business practices," the PSA explained.

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