Source: Federal Bureau of Investigation (FBI) State Crime News
Ward compared these types of scams to large-scale bank robberies. Instead of stealing a few hundred dollars, scammers can steal millions with just a few clicks from half a world away.
“Many scammers have realized it’s no longer cost effective to target individuals. Instead, they go after these big companies—real estate firms, law firms, anyone moving huge amounts of money is a target,” Ward explained. “We’re losing billions to these kinds of schemes, so we have to go after these guys whenever possible.”
Any organization that deals with money can be a victim of BEC, so everyone should be careful when organizing financial transactions online.
“We live in an age of instant communication, and it’s easy to get complacent. My biggest piece of advice is to pick up the phone and verify any large transfer like that,” Ward said. “And if you are a victim, tell your bank immediately and report it to IC3.”
Ward noted that if victims contact their bank in time, they can sometimes stop those fraudulent transfers, saving a company or organization millions of dollars.