|Denver, CO – Friday, September 22, 2017 – The Denver Police Department is seeking to prevent cases of monetary theft by raising awareness in the community about Business Email Compromise fraud. Denver Police Fraud Unit detectives receive several reports of this type of crime every month.
Here’s how it works: Criminals gain access to a business’ email system by illegal means, and then send emails requesting electronic payments or wire transfers to fraudulent accounts.
For example, in a recent case, the suspect(s) posed as known vendors through spoof emails and requested an organization change account information for money transfers. An unsuspecting employee made the changes and payments were subsequently sent to the fraudulent accounts when bills were paid. The theft was quickly recognized and reported to the organization’s financial institution and police, and most of the transferred funds were recovered.
In another case, a company’s business manager received emails that appeared to be from the chairman of the company requesting funds transfers to an out-of-state account. The transfers were completed before the employee realized the chairman’s email account had been compromised. The company froze its bank account and is working to recover the funds.
A third example of Business Email Compromise fraud involved the suspect(s) emailing fraudulent wire transfer instructions to victims who were in the process of closing on a home purchase. The email appeared to be from the title company involved in the transaction and the fraudulent instructions were followed. The funds in this case were recovered.
Recognizing Business Email Compromise fraud is challenging because the emails can appear to be legitimate and very convincing, so the Denver Police Department encourages everyone to follow these prevention tips (source: FBI):
If You Are A Victim
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