Sitting at the center of financial operations, finance teams need to be extra vigilant when it comes to cyberattacks. Currently, business email compromise (BEC) scams are some of the most common and harmful cyberattacks facing the industry. While it’s not just finance teams – more than 305,000 global incidents of BEC scams were reported to the FBI between 2013 and 2023 – those with a fiduciary responsibility to their clients should be doing everything in their power to mitigate these risks.
BEC scammers exploit email correspondence to convince their victims to send money to new account numbers or different recipients, resulting in a loss of funds. One of the best ways to combat and prevent BEC scams is to take a look at how they play out in the real world. There are two sides to every story: the good guys and the bad guys. Today, we’ll take you through 7 devastating BEC scams and highlight how they were stopped.
In 2021, the FBI led a global sting against BEC scammers around the world. In this three-month operation, which was carried out between September and December, 65 suspects were arrested. These cybercriminals were responsible for defrauding hundreds of victims and causing losses of more than $51 million. As a result, Australia conducted its own sting called Operation Dolos.
Following the discovery of global BEC fraudsters in Operation Eagle Sweep, the AFP took matters into its own hands. Working in conjunction with the Northern Territory Police Force and NSW Police Force, the AFP arrested 18 money mules in the country and notified 61 Australian businesses of potential security breaches. To put a number to it, this robust campaign stopped $2.6 million from being laundered through the Australian financial system.
Because BEC scams rely on intercepting and rerouting wire transfers between businesses and individuals, the name of this sting, “reWired,” is fitting. In 2019, the U.S. DOJ partnered with the Dept. of Homeland Security and the U.S. Postal Service in a 4-month sting that uncovered 250,000 stolen identities, 10,000 fraudulent tax returns, and $91 million in fraudulent refunds. Of the 281 arrests that were made as a result of reWired, 74 were in the U.S. and 167 were in Nigeria.
After executing search warrants, asset seizures, and money mule warning letters, the FBI and DOJ recovered $14 million in fraudulent wire transfers and arrested 74 individuals. 49 people in the U.S., 29 people in Nigeria, and a few in Canada, Mauritius, and Poland were responsible for the devastation of multinational BEC scams. This coordinated operation shows the varied approach scammers take; the FBI revealed that some of these scams targeted small-to-large businesses while others preyed on elderly individuals.
Cyberattacks don’t happen in a silo; this one consisted of voice phishing, romance scams, online sextortion, illegal gambling, and BEC scams. Interpol worked with law enforcement bodies in more than 40 countries and territories to arrest 5,500 individuals responsible for these coordinated attacks. Officials used Interpol’s Global Rapid Intervention of Payments (I-GRIP) initiative to intercept stolen funds before they reached fraudulent accounts. In Singapore, I-GRIP was used to recover $39.3 million in funds stolen using BEC specifically.
Targeting West African crime syndicates, Operation Jackal III was an organized effort that aimed to prevent financial fraud in Africa. West Africa is becoming an increasingly common hiding place for these cybercriminals and Interpol is trying to put an end to that. This sting was complex and intricate, leading to hundreds of arrests, millions of dollars in recovery, and the destruction of criminal finance groups around the world.
One major success of Operation Jackal III happened in Argentina. A Nigerian criminal network was discovered, $1.2 million in counterfeit banknotes were seized, and 100 bank accounts were frozen. This outcome shows the far-reaching and web-like nature of these attacks, further underscoring the importance of coordinated counter-efforts by law enforcement agencies.
As the scammers evolve, law enforcement must adjust as well. Interpol’s Operation First Light was a sweeping crackdown that went after fraud in 61 different countries. When it was all said and done, there were 3,950 arrests, 14,643 suspects identified, and 6,745 frozen bank accounts. Authorities seized $257 million in assets and uncovered operations that were forcing people to participate in scams against their will.
Not only do the above examples illustrate just how convoluted BEC crimes can be, but they also show what’s at stake for victims. These aren’t stories about people losing out on a few thousand dollars; BEC crimes can send individuals and businesses into unrecoverable, financial ruin. In the business world, finance teams are often first line of defense to BEC scams and related cyberattacks.
Stopping BEC scams before they materialize starts with adequate preparation. Ensuring proper internal controls and is only half the battle; a business’s overall cybersecurity relies on regular training and education. From an accounts payable specialist to the CFO, everyone involved in the financials needs to understand and prioritize cybersecurity – and that starts at the top.
If you’re ready to uplevel the cybersecurity strategy of your organization, Eftsure’s Cybersecurity Guide for CFOs 2025 will help you address the biggest cybersecurity threats companies are facing today. Filled with expert insights and actionable guidance, our guide can help your finance team get ahead – and stay ahead – of BEC scams.
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