Operation WireWire – ACH Fraud Takedown

Posted by rp on June 12, 2018 in News

“Operation WireWire—which also included the Department of Homeland Security, the Department of the Treasury, and the U.S. Postal Inspection Service—involved a six-month sweep that culminated in over two weeks of intensified law enforcement activity resulting in 74 arrests in the U.S. and overseas, including 42 in the U.S., 29 in Nigeria, and three in Canada, Mauritius, and Poland. The operation also resulted in the seizure of nearly $2.4 million and the disruption and recovery of approximately $14 million in fraudulent wire transfers.” (DOJ.gov)

Business Email Compromise (BEC) is a type of scam targeting companies who conduct wire transfers and have suppliers abroad.  Corporate or publicly available email accounts of executives or high-level employees related to finance or involved with wire transfer payments are either spoofed or compromised through keyloggers or phishing attacks to do fraudulent transfers, resulting in hundreds of thousands of dollars in losses. (Trend Micro)

I’ve seen recent comments in the media about how this DOJ crackdown wouldn’t put a big dent, or really wouldn’t have an impact given the breadth of fraud associated with Business E-mail Compromise, or BEC.… Read the article

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