1 min read

Massive BEC Scheme Run by Nigerian National Dismantled by FBI

Silviu STAHIE

July 07, 2020

Ad One product to protect all your devices, without slowing them down.
Free 90-day trial
Massive BEC Scheme Run by Nigerian National Dismantled by FBI

A Nigerian national faces charges in the United States emanating from various cybercrime schemes that included business email compromise (BEC) frauds and a number of other alleged infractions.

Ramon Olorunwa Abbas, 37, a.k.a. “Ray Hushpuppi” and “Hush,” is a Nigerian national and Dubai resident accused of involvement in a few major BEC schemes that affected a U.S. law firm, a foreign bank and an English Premier League soccer club.

In BEC attacks, bad actors use real credentials for legitimate emails and trick third parties into making wire transfers. In many cases, communications come from high up the hierarchical ladder, and employees skip the usual security measures.

Abbas was arrested in the United Arab Emirates, with the FBI’s help, and now faces charges after being expelled to The United States.

“The affidavit alleges that Abbas and others committed a BEC scheme that defrauded a client of a New York-based law firm out of approximately $922,857 in October 2019,” states the press release from the Department of Defense.

“Abbas and co-conspirators allegedly tricked one of the law firm’s paralegals into wiring money intended for the client’s real estate refinancing to a bank account that was controlled by Abbas and the co-conspirators.”

Abbas is also accused of conspiring to launder funds stolen in a $14.7 million cyber-heist from a foreign financial institution in February 2019. He was also targeting an English Premier League soccer club to steal $124 million.

The prosecutors say that, if convicted of conspiracy to engage in money laundering, Abbas would face a statutory maximum sentence of 20 years in federal prison.

BEC schemes are one of the most damaging cybercrimes, and one reason is that criminals don’t need much technical expertise to pull it off. It’s a lot different from breaching corporate infrastructure, for example.

tags


Author



Right now

Top posts

The Holiday Guide to Tech Support: Fixing the Family Computer

The Holiday Guide to Tech Support: Fixing the Family Computer

November 24, 2021

2 min read
Bitdefender Celebrates 20 Years of Cybersecurity Leadership

Bitdefender Celebrates 20 Years of Cybersecurity Leadership

November 04, 2021

3 min read
Bitdefender Study Reveals How Consumers Like (and Dislike) Managing Passwords

Bitdefender Study Reveals How Consumers Like (and Dislike) Managing Passwords

October 26, 2021

3 min read
What are drive-by download attacks and how do you prevent them?

What are drive-by download attacks and how do you prevent them?

October 25, 2021

2 min read
Criminals Can't Wait to Add Your IoT Device to Their DDoS Networks

Criminals Can't Wait to Add Your IoT Device to Their DDoS Networks

October 22, 2021

2 min read
Six in 10 Consumers Faced a Cyber Threat in 2021, New Bitdefender Study Reveals

Six in 10 Consumers Faced a Cyber Threat in 2021, New Bitdefender Study Reveals

October 20, 2021

3 min read

FOLLOW US ON

SOCIAL MEDIA


You might also like

Chrome 96 Gets 22 More Security Fixes with New Incremental Update Chrome 96 Gets 22 More Security Fixes with New Incremental Update
Filip TRUȚĂ

December 08, 2021

1 min read
Most Employees Believe Passwords Affect Their Productivity, Research Finds Most Employees Believe Passwords Affect Their Productivity, Research Finds
Silviu STAHIE

December 06, 2021

1 min read
US State Department iPhones Infected with Pegasus Spyware – Report US State Department iPhones Infected with Pegasus Spyware – Report
Filip TRUȚĂ

December 06, 2021

2 min read