News

U.S. financial institutions filed twice as many suspicious activity reports, or SARs, on alleged business email compromises from 2016 to 2018, while the overall toll of the schemes, or BECs, tripled to reach $300 million each month, the U.S. Treasury Department disclosed Tuesday. Perpetrators of BECs, which, according to the department's Financial Crimes Enforcement Network, have caused at least $9 billion in losses since 2016, either pose as vendors or access companies' internal email systems and pose as employees, then dupe legitimate staff into wiring funds outside the company to pay business expenses or cover the cost of nonexistent invoices....