Nigerian Phishers Have Gone To School And Gotten Their CEO Fraud Diploma

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The FBI calls CEO Fraud “Business Email Compromise” (BEC) and it has become a highly lucrative threat vector for attackers. According to IC3, the FBI’s Internet Crime Complaint Center, 5.3 billion dollars was stolen due to BEC fraud between October 2013 and December 2016. In comparison, ransomware exploits took in 1 billion dollars in 2016.

Recently FlashPoint uncovered a BEC that is thought to be operating out of West Africa. This isn’t your typical “Nigerian” email spam scam informing you that Barrister Jones has USD 20,000,000 waiting for you in an escrow account.

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