BPS Warn Of Business Email Compromise Scam

September 23, 2016 | 0 Comments

Saying that Bermuda has “already seen a number of local businesses having encountered the ‘Business Email Compromise’ scam, some of whom have experienced substantial financial loss,” the police have warned businesses of a scam which targets employees who perform regular wire transfers.

A police spokesperson said, “The Bermuda Police Service wishes to advise businesses of an increase of attacks on Bermuda based businesses in a sophisticated scam known as the ‘Business Email Compromise’, which targets employees who perform regular wire transfers.

Bermuda Police Service TC September 23 2016

“The scammers use tools to make the email appear that it was initiated by the executive [‘spoofed’] or registering a domain similar to the targeted email account.

“Upon success, the payment officer then receives an authentic looking email from the executive, authorising the immediate wire payment to be sent overseas, the majority to China and Hong Kong.

“Recent statistics released by the Federal Bureau of Investigation [FBI] state that the scam has to date resulted in estimated losses of $3.1 billion to businesses, many of whom may also be susceptible to malware and ransomware. [Source: here]

Detective Chief Inspector Nicholas Pedro of the Organised and Economic Crime Department said, “Bermuda has already seen a number of local businesses having encountered the ‘Business Email Compromise’ scam, some of whom have experienced substantial financial loss.

“I would encourage local businesses to ensure that they have adequate internal processes in place and to also verify the legitimacy of all urgent overseas wire transfers prior to sending. In the event of a loss, please contact the Organized and Economic Crime Department on 247-1757.”

Share via email

Read More About

Category: All, Business, Crime, News, technology

Leave a Reply

Latest Podcasts

Podcast: World Champion Triathlete Flora Duffy

Podcast: World Champion Triathlete Flora Duffy

In the latest Bernews podcast, one of Bermuda’s greatest athletes of all time, Flora Duffy, says being a world champion is something she has dreamed of since she was eight-years-old. Ms Duffy was back in Bermuda taking a short break after a grueling year which has seen her achieve outstanding success. “When I started racing, I […]

Share via email
November 14, 2016 | 0 Comments
Podcast: Dr Fleming On Issues Affecting Seniors

Podcast: Dr Fleming On Issues Affecting Seniors

In the latest Bernews Podcast, we talk to Dr Claudette Fleming, the Executive Director of Age Concern, about issues affecting senior citizens in Bermuda. Dr Fleming talks about research she has done in Bermuda as well as the effects of the recession on Age Concern’s members. She also addresses the issue of income disparity and […]

Share via email
October 17, 2016 | 2 Comments
Podcast: Martha Dismont On Child Neglect/Abuse

Podcast: Martha Dismont On Child Neglect/Abuse

In the latest Bernews podcast, we sit down with Martha Dismont, the Executive Director of the Family Centre, which has recently launched a campaign called ‘Neglect Is Abuse, See It, Stop It’ to try and stem a significant rise in cases of child neglect. Ms Dismont links the rise in neglect cases directly “to the […]

Share via email
September 23, 2016 | 2 Comments
Podcast: Baron On Crime, Road Safety & More

Podcast: Baron On Crime, Road Safety & More

In this latest Bernews podcast, we speak to the Minister of National Security Jeff Baron who revealed than gang membership has dropped by more than 150 people. Yet, he says, gangs are still changing and recruiting – sometimes even from schools. The Minister talks about his plans for restorative justice – which focuses on both the needs […]

Share via email
August 30, 2016 | 8 Comments
Podcast: Governor On Airport, Commission, More

Podcast: Governor On Airport, Commission, More

In this latest Bernews podcast, we interview George Fergusson who will soon be stepping down as Governor. He touches on a wide range of issues such as turning down a request to hold a Commission of Inquiry into the Tucker’s Point land matter, the airport redevelopment, the effect on Bermuda of Brexit, the British Government’s […]

Share via email
July 25, 2016 | 9 Comments