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June 13, 2108 (Courtesy of Cnet.com) – The FBI announced 74 arrests across seven countries in a major email fraud bust on Monday.
The alleged email scammers, spread across seven countries, would target midsize businesses, looking to trick employees who had access to company finances. This “cyber-enabled financial fraud” — which originated in Nigeria, the same source of the— fools victims into believing they’re sending money to business partners, while they’re really giving thousands of dollars away to thieves.
It doesn’t just happen to small businesses, though.thanks to an elaborate scheme from a suspect in Lithuania.
The investigation, which lasted for six months, resulted in 42 arrests in the US, 29 arrests in Nigeria, and three in Canada, Mauritius and Poland. The FBI said it’s recovered about $14 million from the scammers, and seized $2.4 million from its Operation WireWire.
“We will continue to work together with our law enforcement partners around the world to end these fraud schemes and protect the hard-earned assets of our citizens,” FBI director Christopher Wray said in a statement.
The operation also included the Justice Department, the Department of Homeland Security, the Treasury Department and the US Postal Inspection Service. The US also partnered with law enforcement in Nigeria, Poland, Canada, Mauritius, Indonesia and Malaysia.
The Justice Department charged 23 people in Florida for laundering at least $10 million from email scams, targeting several companies and a law firm, according to court documents. Prosecutors also charged two Nigerian nationals living in Dallas for allegedly scamming a real estate attorney, with a fake email requesting $246,000. The two are charged with laundering about $665,000, according to court records.
Another three suspects in Connecticut are charged with allegedly trying to steal $2.6 million through email scams. One victim actually lost at least $440,000 from the email fraud.
“Fraudsters can rob people of their life’s savings in a matter of minutes,” Attorney General Jeff Sessions said in a statement. “These are malicious and morally repugnant crimes.”
Email fraud is a booming business for cybercriminals, with the Internet Crime Complaint Center estimating there’s been more than $3.7 billion lost because of such scams.
Deborah McCoy – Is an investigative journalist and has over 17 years of investigation experience in both the private and public business sectors. Since joining CFN, Ms. McCoy has become a true advocate for victims of fraud and increasing the public’s awareness in fraud prevention.