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Bitcoin Daily: FBI Says Nigerian BEC Scam Netted Millions With Some Converted To Bitcoin

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Two Nigerian scammers known for allegedly defrauding American companies for tens of millions of dollars that they transferred into bitcoin were extradited to the U.S. Ponle, according to the complaint, wasn’t that concerned with covering his tracks — he reportedly used the same address on the Bitcoin network since 2014.

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FBI Details Evolving Sophistication Of BEC Scammers

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The FBI has once again sounded the alarm on the proliferation of digital fraud like ransomware and the business email compromise (BEC) scam, releasing new stats on the financial damage such criminal activity has caused in the U.S. in recent years. billion in 2019.

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FBI: BEC Scams Stole $1.2B In 2018

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Business email compromise (BEC) scams are gaining traction, and bilking unwitting individuals and companies out of an increasing amount of money. Recently announced statistics from the Federal Bureau of Investigation (FBI) bear out this trend. Actors usually get around 70 percent of the face value of the card in bitcoin.”.

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Email B2B Scams Cost $26B Over Last Three Years

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But that message is apparently lost on criminals, who, according to a new report, have stolen some $26 billion over the last three years in a scam generally known as “ business email compromise.”. This is not the first time the FBI has sounded a warning about business email compromise. Fraud Trends.

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Corporate Money Managers Lose Their Grip

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Cybercrime involving email scams are on the rise, as businesses and their AP officials receive these fraudulent emails that seemingly request legitimate money transfers by posing as a corporate executive or a supplier requesting payment. The business email compromise has created more than 22,000 cases in the U.S.