FBI: Email Scam Nets $214 Million in 14 Months

If you will check the spam folder in your e-mail account than you will know that why these e-mails known as spam’s and why your e-mail service provider is dropping these e-mails in spam folder, but in present you can easily find few fraud e-mails (e-mails which make fake promises) in inbox folder. Recently, the nonprofit National White Collar Crime Center and the Internet Crime Complaint Center with a joint effort of FBI release a report on the basis of calculation from Oct 1, 2013 to Dec 1, 2014.

In e-mail scams fake invoices delivered to different business that deals with international suppliers, asking for the payment of millions of dollars by wire transfer. According to recent reports of research team, “The victims love to use wire transfer payments method for money transaction to foreign banks, which can be transferred many times, but they tend to disperse faster”. Most of the American and Asian banks, which are located in Hong Kong or China, are the most preferred commonly reported last destination for more than 80 per cent fraudulent transfers.

Data in reports: 

As per the reports of National White Collar Crime Center and the Internet Crime Complaint Center in an association of FBI, “All of the scams has claimed more than 1,198 US victims and 928 victims in other countries has witness the these kinds of scams and U.S. firms have lost more than $179 million in total. According to FBI, “We believe that the number of victims and the total loss in dollar will continue to increase”.

In general if you will analyze your spam folder, so over there you will find few of the e-mails are promising or taking about reward, job of senior level in premium companies, lucky draw and more. Some of us are lucky because we know that these e-mails are fraud whereas; some of us believe in those e-mails and start to follow their instructions.

In other version of scheme, some of the businesses which work on international level of with international clients and suppliers are contacted through fax, phone, email or post asking for payments. These e-mails are spoofed and they seems like genuine and authentic as they are coming from reliable or legitimate supplier and fax or phone requests also appears authentic and genuine. Whereas; in other version e-mail accounts of high level management executives compromised form criminals for requesting a wire transfer through fake promises regarding to business opportunity and they include the instructions to reply or send funds on urgent basis.

However; the third version of fraud schemes involves the hacking of an employee's e-mail account, which sends the duplicate or fake invoices to suppliers or vendors.

According to task force of FBI, “Now it’s time when vulnerable businesses should avoid using free e-mails for executives or official accounts and they should exercise caution for posting the company information on social media or on public websites. You can also include additional security steps like; or digital signatures and two-step verification process.