Pub. 4 2015 Issue 1

The CommunityBanker 8 By Jeff Dice, IT Auditor, Secure Banking Solutions F E A T U R E he Internet Crime Complaint Center (IC3) – a part- nership between the National White Collar Crime Center and the FBI – has released an announcement January 22nd, 2015 on a new cyber-attack called the Business E-mail Compromise (BEC). Below are some highlights from the announcement along with suggestions for Community Banks in relation to growing scam that resulting in Corporate Account Takeover. Summary Business E-mail Compromise is a rapidly increasing cyber-attack targeting businesses of all sizes. The scam has netted nearly $215 million globally, with nearly $180 million from 1200 victims in the United States Alone. The attacks focus on employees responsible for generating or approving wires. The cyber criminals do extensive research on the company, and employees in advance of this attack. They then go through the process of requesting what appears to be a legitimate wire transfer to a foreign bank account. T Business Email Compromise