Major Business Email Compromise Phishing Ring Busted

Authorities found over 50,000 targeted victims of a massive, global scam enterprise that used over 26 different types of malware.

An extended cybercrime investigation in which INTERPOL, Group-IB and Nigeria Police Force joined forces, found and arrested 3 Nigerian nationals, believed to be responsible for a high number of scams worldwide, including distributing malware and carrying out phishing campaigns. These men suspected of participating in a massive business email compromise (BEC) ring have been arrested in Lagos, Nigeria.

In a BEC attack, a scammer impersonates a company executive or other trusted party, and tries to trick an employees responsible for payments or other financial transactions into wiring money to an external account, usually belonging to the scammer. According to the Anti-Phishing Working Group, The average wire-transfer loss from BEC attacks is significantly on the rise: In the second quarter of 2020 the average was $80,183, up from $54,000 in the first quarter.

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