A news release from FinCEN on 16th July announced new efforts to curtail and impede business email compromise (BEC) scammers and other criminals who profit from their schemes. Based on data from FinCEN’s Suspicious Activity Reports (SAR), hackers and other illicit actors’ BEC scams generated more than $300 million a month in 2018.
Separately, it issued an updated Advisory to Financial Institutions on E-mail Compromise Fraud Schemes (see below).
It also published Financial Trend Analysis of Bank Secrecy Act (BSA) Data, which examined methodologies used – saying use of fraudulent vendor or client invoices is the most common ruse, impersonation of an outside entity accounted for 20% and that manufacturing and construction businesses were the top targets for BEC fraud in 2017 and 2018.
The news release also mentioned that the Egmont Group of FIU had published a Public Bulletin to alert competent authorities and reporting entities of key typologies and money laundering risks associated with BEC fraud schemes.
The FinCEN Advisory is at –
This explains how BEC schemes work, and provides various “red flags” that might alert one.
The Egmont Group Public Bulletin is at –
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