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'BEC' scam robs businesses of $215 million

'BEC' scam robs businesses of $215 million
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The latest phishing targets aren't individuals anymore, they're entire companies. Crooks hijack the email account of a company's CEO or a high-ranking executive and then try to extract as much money as they can until they get busted.

We're finding out about these scams because of the newly-formed Internet Crime Complaint Center. The organization is the result of a collaboration between the FBI and the National White Collar Crime Center.

Here's how it works: Scammers will figure out a way to hijack a CEO's email account. They then use the account to request a wire transfer from an employee with access to the company's finances for a seemingly-legitimate reason.

Hackers don't pull off these scams through computer know-how alone, they're learning how to observe and exploit their targets to maximize profit.

Next page: It's more widespread than you think.
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