CEO scam email phishing fraud cost businesses billions - Identity Theft

                     

Long before it evolved into a slick corporate Business Email Compromise / BEC, Ultrascan investigated an ID Theft niche market for organised crime, the sending of correspondent bank payment instructions to Treasury departments of Federal Reserve and Central Banks.

Ultrascan AGI business email compromise BEC

Ultrascan / Business Email Compromise BEC

CEO scam email phishing fraud cost businesses billions - ID Theft

Ultrascan AGI / Since 1996

A niche market for organised crime, the sending of correspondent payment instructions to Treasury departments of Federal Reserve and Central Banks, evolved into a slick corporate business email compromise BEC/ID theft.

Case:

Ultrascan AGI / Since 1996

A scam in which criminals impersonate chief executives, by spoofing their email addresses, has cost businesses around the world billions.

Corporate ID fraud
There is a sharp increase in “business email scams” a simple scam that is also known as “CEO fraud”, with thousands of victims affected globally.

In the scam, a criminal impersonates a chief executive’s email account and directs an employee to wire money to an overseas bank account. By the time one realises it is a fraud, the money is gone.

For this type of business frauds the fraudsters require a professional criss-cross money laundering set-up to transfer large amounts over many bank accounts in many different international jurisdictions.

It concerns transnational organized crime and is a global problem.
To tackle these incidents, we’re working with criminal investigation and cyber crime experts in the Ultrascan research network.

The reported frauds can be partly attributed to companies detecting the crime, but it also reflects the simple nature of the scheme that can be run from anywhere around the globe. All you need is a computer.

Ultimate beneficiaries
Most of the bank accounts in which the money ends up are operated by a global criminal network of (419) Advance Fee Fraud scammers and located in Asia and Africa, where we coordinate counter initiatives.

ULTRASCAN RESEARCH SERVICES
Subsidiaries of international research organization with over 3280 experts in 69 countries

Ultrascan Research

ULTRASCAN RESEARCH

Examples of case research into various topics and alerts from the Ultrascan group and associates

Ultrascan Humint

ULTRASCAN HUMINT

Ultrascan HUMINT have primary sources, extensive experience with identifying, locating, mapping, monitoring, analysing and predicting perpetrators of money laundering and the planning, funding, communications and support of terrorism.

Ultrascan FIU

ULTRASCAN FIU

Ultrascan FIU Financial Intelligence Unit - A mixture of intelligence gathering, investigations, reputational risk mitigation and Innovative Technology in line of objectives. Focused on external information and stakeholder engagement, to detect exposure to financial crime risk.

Ultrascan Interactive Research Intelligence and Analysis BRAINS

ULTRASCAN BRAINS

Intelligence and Analysis. Wander Around in our Detailed Global Interactive Research - Criminal and financial relationships visualized - Non-linear - visualizes knowledge like you've never seen before - AML KYC FIU - Business Solutions - Innovative Technology

© Copyright Ultrascan AGI