Major Business Email Compromise Phishing Ring Busted

by | November 25, 2020 | Cybersecurity News

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.

Check the source.

Read More


Photo by Mathieu Le Roux on Unsplash

by Dan Florian

Product owner and co-founder of ATTACK Simulator. Dan likes to code, is passionate about design, and loves running and swimming.

There’s no reason to postpone training your employees

Get a quote based on your organization’s needs and start building a strong cyber security infrastructure today.