On Friday, the Australian Federal Police (AFP) announced the arrest of four individuals accused of being involved in business email compromise (BEC) and other types of online fraud. The cybercrime group is believed to have operated approximately 180 bank accounts to transfer stolen money out of Australia, and over the course of three years, the group laundered more than $1.7 million. The suspects have been charged with possessing and producing false documents, dishonestly dealing in personal financial information, and dealing in proceeds of crime.
The AFP’s announcement coincided with a warning from the U.S. Federal Bureau of Investigation (FBI) about cybercriminals using spoofed email domain addresses to initiate the bulk purchase of goods from vendors in the U.S. The orders appear legitimate, but the cybercriminals don’t make upfront payments. Vendors ultimately discover the fraud after failed attempts to collect payment or when they contact the company they believed placed the order, only to be notified of the fraudulent emails.
The cybercriminals involved in this case allegedly ordered construction materials, agricultural supplies, computer technology hardware, and solar energy products. Individual losses ranged between $2500 and almost $500,000, with one Indonesian company losing more than $100,000 in a BEC attack.
The cybercrime investigation is ongoing, and authorities are encouraging anyone who has fallen victim to a BEC or other cybercrime attack to contact their local law enforcement agency.
Overall, the Australian Federal Police and the U.S. Federal Bureau of Investigation have demonstrated their commitment to protecting the public from cybercriminals by announcing the arrests of four individuals and issuing a warning about BEC schemes. These efforts serve as a reminder that cybercrime is a serious threat, and it is important for individuals and businesses to remain vigilant against such attacks.
Key Points:
- Four individuals were arrested by the Australian Federal Police and accused of being involved in business email compromise (BEC) and other types of online fraud.
- The group allegedly laundered more than $1.7 million and operated 180 bank accounts to transfer stolen money out of Australia.
- The U.S. Federal Bureau of Investigation released a warning about BEC schemes and cybercriminals using spoofed email domain addresses to initiate bulk purchases.
- Individuals and businesses should remain aware and vigilant against such cybercrime attacks.