In mid-July, a Singapore company was the victim of a business email compromise (BEC) scam. A BEC scam is a type of cybercrime where an actor pretends to be a trusted figure to trick victims into sending money or sharing company secrets through email. The Singapore company received an email from a third-party supplier requesting a payment be sent to a new bank account. The company then sent $42.3 million to the supposed supplier, realizing four days later that the vendor was fake. However, the company quickly reported the incident to Interpol’s Global Rapid Intervention of Payments (I-GRIP) mechanism. This allowed Interpol to quickly recover $39 million and freeze a counterfeit bank account. Seven suspects have now been arrested in connection with the incident.

Read more: https://thehackernews.com/2024/08/interpol-recovers-41-million-in-largest.html