The cryptocurrency scam known as Bitconnect is the most infamous and damaging example of a Ponzi investment scheme. It has recently been revealed that many other cryptocurrencies have been operating in a similar way, with nearly half being found to be scams or pyramid schemes.

The “how old was bernie madoff when he died” is a question that has been asked many times. Bernie Madoff’s death has caused some people to ask if this is the world’s most evil money scam.

Is this the world's most evil money scam?

According to the FBI, business email compromise (BEC) is one of the most “financially destructive” internet crimes. A BEC scam involves a criminal sending you a fake email requesting you to supply sensitive personal information, transfer money, or purchase gift cards.

According to the FBI, “the scams are launched using specially crafted ‘phish kits’ that imitate cloud-based email services in order to hijack company email accounts and solicit or misdirect cash transfers.”

Users may do business using online file storage, email, shared calendars, and instant messaging using cloud-based email services, which are hosted subscription services. According to the FBI, BEC scams have been detected in all 50 states and 177 countries.

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What makes this con so dangerous?

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The Business Email Compromise (BEC) is a sophisticated fraud that targets companies that handle electronic payments, such as wire or automated clearing house transactions. According to the FBI, “the fraud is usually carried out when a person hacks genuine corporate email accounts using social engineering or computer penetration tactics, culminating in an illicit transfer of cash.”

You may believe you’re too smart to be duped by a BEC con artist, but if you don’t recognize the warning signs, you might become an unintentional victim.

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BEC scams come in a variety of shapes and sizes.

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Criminals target BEC victims in a number of methods, including using virtual meeting platforms to interact with management and among staff, such as audio and video conferences, screen sharing, and webinars.

The following are some examples of how thieves utilize virtual meeting platforms to carry out a BEC scam:

  • Using a compromised CEO, CFO, or finance director’s email to invite staff to a virtual conference. When you log on, all you see is a still picture of the meeting’s ostensible organizer. To imitate the manager’s voice, scammers may employ “deep fake” audio altered using artificial intelligence (AI) technology.
  • Attending workers are then instructed by the impostor convener to send payments through the virtual meeting platform or to continue the conversation in a follow-up email.
  • Posing as the CEO (or another management figure) and requesting money transfers from workers when the CEO is unable to do it personally because he is engrossed in a meeting.
  • Employee emails were hacked in order to acquire access to secret corporate information through virtual meeting platforms at work.

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Scams including phishing

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Phishing emails, which are aimed to capture email passwords and other account information, are another prevalent BEC strategy. Once the email account has been compromised, the crooks search for financial activities, impersonate suppliers or customers, and order you to transfer future payments to bogus bank accounts.

DepositPhotos.com is the source of this image.

How can you avoid becoming a victim of a BEC rip-off?

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The FBI advises organizations and workers to take proactive measures to prevent being the next victim of a BEC fraudster, including:

  • Enable multi-factor authentication, which requires the user to produce two or more pieces of evidence to prove their identity, such as a PIN or password, a corporate badge, fingerprints, or voice recognition.
  • All payments and transactions should be double-checked in person or via a known phone number.
  • Make sure workers are aware of BEC schemes, how to spot phishing emails, and what to do if an email compromise is suspected.
  • Automatic email forwarding to external addresses should be prohibited.
  • Changes to mailbox logins and settings should be logged and kept for at least 90 days.
  • According to Microsoft, “old” email protocols like IMAP, SMTP, and POP3 are simpler targets for compromising sign-in attempts.
  • With Sender Policy Framework, DomainKeys Identified Mail, and Domain-based Message Authentication Reporting, you can prevent spoofing and verify email.
  • Keep a watch out for URLs that misspell the real domain name.

Learn about the 5 Red Flags of a Fake Website.

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What to do if you’ve been a victim of the BEC

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If you’ve been a victim of BEC fraud, notify the bank immediately and request that the monies be refunded. Then register a complaint with the FBI’s Internet Crime Complaint Center (IC3) or inform your local FBI field office about the BEC scam.

Check out these 7 Warning Signs of a Debt Settlement Scam.

This post was syndicated by MediaFeed.org and first published on Debt.com.

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MediaFeed has more.

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Gage Skidmore provided the image.

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