BPS Warn Of Business Email Compromise Scam
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.
“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.”
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