Business Email Compromise (BEC) News

FBI Warns on Rise in Sophisticated Cyber Crimes

On Dec. 14, 2018, Aaron Cole was about to buy a new house and received an email that he thought was from his title company, directing him to make a $123,000 deposit. Cole complied, not realizing that a sophisticated hacker …

Lax Cyber Security Could Be Federal Law Violation, SEC Warns

Public companies that fail to tighten their cyber security controls could be violating federal law, the U.S. Securities and Exchange Commission (SEC) said on Tuesday. The regulator’s warning came in the form of a report on its investigation to assess …

Business Email Attacks on the Rise; Office 365 Users Hardest Hit: Beazley

Attacks targeting business email accounts continued to climb in the second quarter. Hardest hit were organizations using Office 365, the popular cloud-based product, according to data released by specialty insurer Beazley. Email compromises accounted for 23 percent of incidents reported …

Travelers Seeks Review of Court Ruling on Crime Insurance Loss Involving Email Fraud

Travelers Insurance is seeking a full Sixth Circuit court reconsideration of its three-judge panel ruling that said the insurer’s crime insurance policy’s computer fraud clause covered a loss due to money transfer involving fraudulent emails. In seeking an en banc …

Court Finds Travelers Crime Policy Covers Money Transfer Loss Due to Email Spoofing

For the second time in about a week, a federal appeals court has sided with a commercial policyholder where the insurer denied coverage under a computer fraud provision of a crime insurance policy for a money transfer involving fraudulent emails. …

FBI, International Law Enforcement Disrupt Business Cyber Fraud Schemes

Federal law enforcement officials announced a significant coordinated effort to disrupt Business Email Compromise (BEC) schemes used to intercept and hijack wire transfers from businesses and individuals, including senior citizens. The effort has culminated in 74 arrests, including 42 in …