How a BEC scam cost a company $60 million – Week in security with Tony Anscombe
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A Luxembourg-based chemicals and manufacturing firm fell victim to a business email compromise (BEC) scheme in which an employee was deceived into initiating multiple fraudulent wire transfers, resulting in a $60 million loss; the article cites an SEC filing and references the FBI’s 2023 report noting BEC as a leading source of cybercrime financial losses.
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