Business E-Mail Compromise Costs U.S. Businesses Millions04/28/2016
Mollie Halpern: The FBI says the scam that cost U.S. businesses the most reported financial losses last year is becoming more sophisticated.
The business e-mail compromise scam caused a reported $263 million in losses in 2015.
These days, cyber criminals behind the scam pose as lawyers and instruct company employees to make time-sensitive or secret wire transfers.
Assistant Section Chief in the FBI’s Cyber Division Brett Leatherman…
Brett Leatherman: They prey on the need to remit an invoice to keep the business afloat. Or to meet a specific deadline for a supplier to ship crucial material to keep the business operating.
Halpern: Leatherman explains how using two-factor authentication can help prevent the crime.
Leatherman: Having a secondary individual within the management company sign off on any wire transfer that the accounts payable department initiates.
Halpern: If you’re a victim, contact your local FBI office and report the crime to the FBI’s Internet Crime Complaint Center at www.ic3.gov. I’m Mollie Halpern of the Bureau with FBI, This Week.