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BEC Scam Leads to Theft of $18.6 Million

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Anti-Phishing, DMARC , Awareness & Training , Data Breach

BEC Scam Leads to Theft of $18.6 Million Chinese Hackers Stole From Indian Unit of Italian Firm Suparna Goswami (gsuparna) • January 10, 2019

In a case of business email compromise, Chinese hackers stole $18.6 million from the Indian arm of Tecnimont SpA, an Italian engineering company, through an elaborate cyber fraud scheme that included impersonating the firm's chief executive, the Economic Times reports.

See Also: Key Drivers to Enable Digital Transformation in Financial Services

The scammers sent emails requesting funds to the India head of Tecnimont, part of the publicly traded Maire Tecnimont, from an account that looked deceptively similar to one used by the Italian group's CEO, and also organized conference calls to discuss a "confidential" acquisition in China, the ET report said. The company has filed a complaint with Indian police.

The incident highlights the lack of awareness of business...(continued)

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