Victims duped out of US$1.8 million by Romance and BEC scam ring

Elderly men and women were the main targets of the Romance and Business Email Compromise (BEC) scams operated by the fraudsters. A United States Army Reservist has been sentenced to 46 months and ordered to and pay approximately US$1.8 million in restitution after he was found to be involved in a scheme to commit romance and business email … More Victims duped out of US$1.8 million by Romance and BEC scam ring

Cybersecurity risks and challenges facing the financial industry

A primer on various threats looming over financial companies and the steps that these organizations can take to counter them. Companies operating in the financial services industry aren’t by any means strangers to being targeted by various forms of financial crimes and fraud. However, over time, the playing field has changed and threat actors have … More Cybersecurity risks and challenges facing the financial industry

FBI: Cybercrime losses tripled over the last 5 years

On the upside, the Bureau recovered more than US$300 million in funds lost to online scams last year. In 2019, the United States’ Federal Bureau of Investigation (FBI) received more than 467,000 cybercrime complaints that caused an estimated US$3.5 billion in losses, according to the Bureau’s annual 2019 Internet Crime Report (IC3). Last year saw both the … More FBI: Cybercrime losses tripled over the last 5 years