Wire fraud & BEC news

Surfside Beach Fires Two Finance Workers in $545K Fraud

myrtlebeachsc.com · 3 months ago

Interpol targets Black Axe’s illicit financial web in latest international sting

Interpol's Operation Jackal IV netted 58 arrests and identified 263 suspects in a global crackdown on Black Axe and West African cybercrime networks.

google.com · 16 days ago

Scam losses are up – but the real story is in the policy wording

A landmark court ruling has made institutional scam liability concrete, and broker advice obligations follow.

google.com · 16 days ago

Agentic AI Run Fraud Campaigns Earning 4.5 Times More

The most dangerous fraudster in the world today may not be a person at all. Interpol's second edition Global Financial Fraud Threat Assessment,...

google.com · 16 days ago

Operation Jackal IV: 58 arrests in global cyber fraud operation

INTERPOL 's Operation Jackal IV is one of the largest international anti-cyberfraud operations in recent years. The eight-month operation, which took place...

google.com · 16 days ago

Krebs on Security – In-depth security news and investigation

krebsonsecurity.com · 3 months ago

How AI Is Fueling Fraud at an Unprecedented Pace

egyptianstreets.com · 3 months ago

Exposing the Underground Mule-as-a-Service Economy: How AI and Telegram Are Reshaping Money Laundering

Money mule networks have become a critical component of modern cybercrime and financial fraud ecosystems, enabling threat actors to launder and monetize...

kelacyber.com · 2 months ago

Deepfake Video Call Scams: How Continuous Identity Verification Closes the Gap

Business Email Compromise (BEC) has evolved into live deepfake video call fraud, where attackers impersonate executives on camera in real time.

pindrop.com · 2 months ago

Greek Police Recover €4 Million Stolen From Shipping Company In Business Email Compromise Scam

The fraud was reported in August 2025, when a representative of the shipping company filed a complaint with the Hellenic Police.

marineinsight.com · 2 months ago

BEC attacks surge 22% in June as average wire transfer demands hit $71,295: Fortra

Fortra's latest BEC Global Insights Report reveals attackers are chasing bigger payouts through proven social engineering tactics, with gift cards...

tahawultech.com · 2 months ago

US Releases List, Photos of 5 Popular Yahoo Boys Facing Deportation, 1 Appeared on Forbes List

The United States Government, through the DHS, has updated its public register of five online fraudsters (Yahoo boys) scheduled for deportation back to...

legit.ng · 2 months ago

The $8 Million Romance Scam Reality Check Why Cybercrime is No Longer a Tech Problem

The headlines write themselves. A high-profile Ghanaian influencer gets extradited to the United States, accused of laundering millions from fleeced...

weddings.lavenderhotels.co.uk · 2 months ago

7 Real email attacks Barracuda blocked before the inbox

# Real Email Attacks. Stopped Cold. ## Executive impersonation and business email compromise (BEC) ### The CEO who needed your number TARGETED SECTOR: Construction products and distribution REGION: United States  _What the recipient saw._ _A clean, payload-free note impersonating the CEO._ _Details anonymized._ THE LURE A short, friendly note appearing to come from the CEO: “I’m in meetings all day — kindly confirm your direct mobile number.” No link. No attachment. Nothing for a scanner to detonate. It is the opening move: Once the attacker has a phone number, the conversation moves to text messages and typically ends in an urgent gift-card purchase or wire transfer. WHERE THE LINK WOULD HAVE LED No URL and no attachment. The “click” is simply a reply. Once the attacker obtai

blog.barracuda.com · about 2 months ago

What a $545,000 email scam in a South Carolina beach town reveals about municipal coverage gaps

# What a $545,000 email scam in a South Carolina beach town reveals about municipal coverage gaps ### An email chain with a sneaky URL change, a Utah bank account swap and a forged signature have left a small community reeling #### [Cyber](https://www.insurancebusinessmag.com/us/news/cyber/) It's a clean, almost textbook case of business email compromise. Nationally, the FBI attributes roughly $3 billion in losses to this exact fraud category over the past year. ## **Why the insurance response is so complicated** Business email compromise sits at an awkward intersection of three different types of coverage, and which one actually responds depends entirely on how a policy is written and what actually happened technically. ## **What this means for anyone advising a public entity** The FBI has said that funds are recovered in roughly 75% of BEC cases reported within 72 hours, but recovery becomes highly unlikely after that window closes. A $100,000 sublimit that looked adequate when it wa

insurancebusinessmag.com · about 2 months ago

Email that cost Aussie mum $250k

# Email exposes Australia’s $2 billion scam industry Little did the couple know, their solicitor’s email had been hacked in a business email compromise (BEC) scam.

news.com.au · about 2 months ago

45-year-old Nigerian man faces 30 years in US prison over alleged $300,000 romance scam

A US-based Nigerian, Okeoghene Patrick Udugba, has been indicted over an alleged $300000 romance scam and business email fraud targeting a US government...

pulse.ng · about 2 months ago

US Grand Jury Indicts Texas-Based Nigerian in USD 300,000 Federal Procurement Fraud

Federal prosecutors in Pennsylvania have unsealed an indictment against a Nigerian national accused of defrauding the US Fish and Wildlife Service.

streamlinefeed.co.ke · about 2 months ago

Nigerian in U.S. faces 30 years in prison over alleged $300,000 romance scam

Okeoghene Patrick Udugba, a 45-year-old Nigerian resident in the United States, has been indicted by a federal grand jury over his alleged involvement in a...

businessday.ng · about 2 months ago

Nigerian in U.S. faces 30 years in prison over alleged $300,000 romance scam

Okeoghene Patrick Udugba, a 45-year-old Nigerian resident in the United States, has been indicted by a federal grand jury over his alleged involvement in a...

businessday.ng · about 1 month ago

Ichalkaranji Industrialist Duped of ₹19.33 Lakh in Business Email Compromise Racket

Maharashtra police probe a ₹19.33 lakh Business Email Compromise scam in Ichalkaranji where hackers impersonated a foreign supplier to divert international...

the420.in · about 1 month ago

US government seeks extradition of 6 men allegedly involved in email fraud

- **The United States government has reportedly requested the extradition of six Kenyan nationals it claims were behind a large-scale email fraud scheme** - **The six suspects allegedly ran business email compromise operations that drained millions of dollars from US government agencies and universities** Six Kenyan nationals are facing extradition requests from the [United States](https://yen.com.gh/world/us/) (US) government over their alleged involvement in a business email compromise fraud scheme that targeted American universities and government agencies. US reportedly seeks extradition of six Kenyans over a multi-million dollar business email fraud that targeted American institutions. Source: Getty Images ## Why US want

yen.com.gh · about 1 month ago

$545,000 Wire Fraud Raises the Stakes for Contract Payments

# $545,000 Wire Fraud Raises the Stakes for Contract Payments ## A $545,000 wire fraud loss recently [made national headlines](https://www.wsj.com/articles/the-south-carolina-town-in-turmoil-over-a-545-000-email-phishing-scam-988a9acb) when a South Carolina coastal town sent that amount to what it thought was a construction contractor, but it turned out to be a scammer. ### How This Type of Fraud Works This is a business email compromise, sometimes called social engineering fraud or payment instruction fraud. Fraudsters commonly compromise or spoof an email account, monitor an ongoing transaction, and step in at the exact moment a payment is expected. ### The First 24 to 72 Hours This step matters for both the paying organization and the vendor, since either side’s systems could turn out to be the source of the compromise, and knowing which one it was often shapes everything that follows, including any dispute over who is responsible for the loss. Also, if the compromise involved a gen

jdsupra.com · about 1 month ago

Fraud EDU: Creating a culture of fraud awareness

(YHN) Listen with One of the most prevalent is Business Email Compromise (BEC), where fraudsters impersonate executives, vendors, or colleagues via spoofed emails to request urgent wire transfers, changes to payment details, or sensitive information. And Confirm,” Taylor added.

yellowhammernews.com · about 1 month ago

Better Business Bureau warns of rising scams during back-to-school season

The Better Business Bureau is encouraging consumers, students and business owners to take extra precautions to protect themselves from scams and fraud.

aol.com · about 1 month ago

Court approves extradition of three Kenyans to US over multi-million fraud

## What you need to know: Investigators said the FBI sought the DCI's assistance after identifying the suspects as members of a criminal network involved in Business Email Compromise (BEC) and Vendor Account Compromise (VAC) schemes. The court heard that they allegedly registered internet domain names closely resembling those of legitimate companies contracted by government entities before creating deceptive email accounts to trick victims into changing payment instructions. The suspects are then alleged to have directed the money mules on how to wire and launder the proceeds back to Kenya.

nation.africa · about 1 month ago

"Agye ta": US court jails fraudster 87 months over $1.7M money laundering scheme

Nigerian citizen Adedayo Fateru and three accomplices were sentenced for laundering $1.7 million from fraud schemes, sparking mixed online reactions.

yen.com.gh · about 1 month ago

Who Pays When a Wire Transfer Is Hijacked? How would NC or SC Law Handle it?

# Who Pays When a Wire Transfer Is Hijacked? How would NC or SC Law Handle it? ## When a business email compromise scam succeeds, the scramble to recall the funds is usually only the first fight. ### How Courts Tend to Approach the Loss Many of these cases involve a difficult fact pattern: an employee who was fully authorized to send the money did send it, but only because a fraudster tricked that employee into doing so. Courts have long applied a general principle in disputes like this, one that predates business email compromise entirely: when a fraud harms two parties who are otherwise equally innocent, the loss tends to fall on whichever party’s own carelessness gave the fraudster the opening to succeed. Increasingly, courts also look at which party was realistically in the better position to prevent the fraud in the first place. For most businesses, it is common policy or procedure to verify payment instructions prior to making payments. ### The Bank’s Role, and Its Limits It addr

jdsupra.com · 26 days ago

How PureVPN’s identity threat protection closes the executive exposure gap before it becomes a wire-fraud script

# How PureVPN’s identity threat protection closes the executive exposure gap before it becomes a wire-fraud script ## How this becomes a wire-fraud script The FBI’s IC3 logged **$16.6 billion** in total reported cybercrime losses in 2024 — **$2.77 billion** of it from business email compromise alone. ## Why security training alone doesn’t fix this An email referencing the executive’s real itinerary, sent while they’re genuinely unreachable, gets a transfer approved.

augustafreepress.com · 23 days ago

Scam losses are up – but the real story is in the policy wording

# Scam losses are up – but the real story is in the policy wording ## **The $35 million precedent every broker should know** The case originated from a series of spoofed SMS scams in which fraudsters impersonated the bank inside legitimate message threads, then manipulated customers into disclosing account passcodes. ## **Where standard policy wordings fall short** The ACCC’s Scams Awareness Week campaign highlighted a building client who lost a $20,000 deposit after a fraudulent payment link replaced a legitimate request from his builder – a textbook business email compromise (BEC) scenario, and one of the most commonly sublimited coverage lines in the Australian market.

insurancebusinessmag.com · 13 days ago

Nigerian Cybercriminal Jailed Eight Years in US for $7.5 Million Charity Scam

A 32-year-old Nigerian national, Olusegun Adejorin, has been sentenced to eight years in a United States federal prison.

dailytimesng.com · 11 days ago

Nigerian Man Sentenced to 8 Years in US Prison for $7.5m Charity Scam

A Nigerian national, Olusegun Adejorin, has been sentenced to eight years in a United States federal prison for carrying out a business email compromise...

nigerianbulletin.com · 11 days ago