On 15th July, the Egmont Group of FIU published a Bulletin not just to alert member FIU and their jurisdictions of the increasing threat posed by business email compromise (BEC) fraud schemes, but law enforcement authorities and the private sector also. BEC fraud schemes are among the fastest-growing cyber-enabled crime threats adversely affecting financial institutions, exposing the financial sector to billions of dollars in losses worldwide. BEC fraud schemes target business organizations, professionals, and individuals by compromising either business or personal email accounts to send (or cause to be sent) false payment instructions and other information used to conduct financial fraud.
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