Combatting the growing threat of Business Email Compromise (BEC) scams, United Sates government efforts have seized $3.7 million and conducted 281 arrests in the U.S. and overseas that have resulted in 166,349 reported cases and $26 billion in cumulative exposed losses over the last four years.
Stacy Scott, Managing Director, in the Cyber Risk practice of Kroll, a division of Duff & Phelps, discusses the bane of BEC scams on organizations and Operation Rewired, the US government initiative consisting of federal, state and local law enforcement agencies designed to curb cyber-enabled financial fraud with Cybersecurity Law Report. Stacy lauds law enforcement efforts but cautions organizations to work with legal counsel and experienced forensic professionals to understand how much information to provide the authorities when dealing with BEC scams.
The full article is available to Cybersecurity Law Report subscribers here.