You are here

Federal Authorities Announce Coordinated Effort to Disrupt BEC Schemes, Warn Partners of Pervasive Threat

Federal Authorities Announce Coordinated Effort to Disrupt BEC Schemes, Warn Partners of Pervasive Threat

Created: Tuesday, June 12, 2018 - 14:31
Categories:
Cybersecurity, Federal & State Resources

Yesterday, the U.S. Department of Justice (DOJ) announced the culmination of “Operation Wire Wire,” a significant coordinated effort by federal departments and agencies to disrupt Business Email Compromise (BEC) schemes. Operation Wire Wire resulted in 74 arrests in the U.S. and overseas, the seizure of nearly $2.4 million, and the disruption and recovery of approximately $14 million in fraudulent wire transfers. BEC is a sophisticated scam that targets employees with access to company finances. Employees of water and wastewater utilities have been targeted by these scams (discussed as recently as in WaterISAC’s Threat Analysis for the Water Sector for July to December 2017), which have become increasingly sophisticated in an attempt to make them appear legitimate. The DOJ announcement and a companion public service announcement from the FBI discuss more about BEC schemes, Operation Wire Wire, and what to do if you believe you’ve been victimized by one of these scams, which they warn remains a pervasive threat. DOJ and FBI.