{"id":112445,"date":"2024-06-06T20:01:20","date_gmt":"2024-06-06T19:01:20","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=112445"},"modified":"2024-06-06T20:01:20","modified_gmt":"2024-06-06T19:01:20","slug":"5-3m-fraud-us-hunts-scammers-traces-funds-to-hong-kong-nigeria-others","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/other-news\/5-3m-fraud-us-hunts-scammers-traces-funds-to-hong-kong-nigeria-others\/","title":{"rendered":"$5.3m fraud: US hunts scammers, traces funds to Hong Kong, Nigeria, others"},"content":{"rendered":"
\n
The US government has filed a civil forfeiture action to recover $5.3 million linked to a business email compromise (BEC) scheme that defrauded a Massachusetts workers union.<\/div>\n
\n
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\nIn January 2023, a spoofed email led the union to transfer $6.4 million to a fraudulent account.<\/p>\n

The funds were then routed through various international banks and cryptocurrency exchanges.<\/p>\n

US authorities have seized money from seven domestic accounts connected to the scheme.<\/p>\n

\nThese were stated in a Wednesday press release obtained from the United States Attorney\u2019s Office, District of Massachusets website on Thursday.<\/p>\n

\u201cBEC fraud schemes present a serious threat to businesses and individuals nationwide, causing significant financial and emotional harm to victims by exploiting trusted communication channels they rely upon every day.<\/p>\n

\u201cToday\u2019s civil forfeiture action demonstrates that when victims report such misconduct to the authorities there may be steps we can take to recover stolen funds.<\/p>\n

\u201cWe hope today\u2019s action helps restore some level of stability and justice for those impacted by fraud,\u201d said Acting U.S. Attorney Joshua S. Levy.<\/p>\n

Issued in Boston, the statement also admonished that \u201cmembers of the public who believe they are victims of a cybercrime \u2013 including cryptocurrency scams, romance scams, investment scams and business email compromise (BEC) fraud scams \u2013 should contact USAMA.CyberTip@usdoj.gov.\u201d<\/p>\n

According to the press release, the fraudulently obtained funds were then transferred through a series of intermediary bank accounts, with some funds transferred, or attempted to be transferred, to a cryptocurrency exchange or various bank accounts located in Hong Kong, China, Singapore, and Nigeria.<\/p>\n

\u201cThe United States filed a civil forfeiture action today to recover approximately $5,315,746 alleged to be proceeds of a business email compromise (BEC) scheme targeting a Massachusetts workers union, as well as property involved in money laundering.<\/p>\n

\u201cThe complaint alleges that in January 2023, a workers union located in Dorchester received an email requesting a change of payment information from someone it believed worked at an investment consulting firm.<\/p>\n

\u201cThe complaint also alleges that the email came from what initially appeared to be the consulting firm\u2019s true email address but was in fact a spoofed email address that had been changed by one letter. The spoofed email instructed the workers\u2019 union to make a $6,400,000 transfer to a different bank account than had been previously arranged, which the workers union did, in fact, do.<\/p>\n

\u201cThe spoofed email, however, was a fraudulent communication intended to mislead the workers union into unwittingly transferring funds to an account controlled by someone other than the intended recipient.<\/p>\n

The fraudulently obtained funds were then allegedly transferred through a series of intermediary bank accounts \u2013 with some funds sent or attempted to be sent, to a cryptocurrency exchange and various bank accounts located in Hong Kong, China, Singapore and Nigeria.<\/p>\n

\u201cInvestigators were able to trace proceeds of the scheme to seven domestically held bank accounts, the contents of which were subsequently seized by U.S. authorities,\u201d it read.<\/p>\n

This announcement implies that the US government is taking legal action to recover funds allegedly obtained through fraudulent means.<\/p>\n

It involves cooperation between various law enforcement agencies and prosecutors to pursue the case.<\/p>\n

The statement also highlights the legal process involved in civil forfeiture, indicating that the government must provide evidence to prove its case before any forfeiture can be ordered by the court.<\/p>\n

Other parts of the statement read, \u201cActing U.S. Attorney Levy; Acting Assistant Attorney General Nicole M. Argentieri of the Justice Department\u2019s Criminal Division; and Andrew Murphy, Special Agent in Charge of the United States Secret Service, Boston Field Office made the announcement today.<\/p>\n

\u201cThe civil forfeiture action is being prosecuted by Assistant U.S. Attorney Matthew M. Lyons of the Asset Recovery Unit along with Trial Attorneys Jasmin Salehi Fashami and Adrienne E. Rosen of the Justice Department\u2019s Money Laundering & Asset Recovery Section.<\/p>\n

\u201cThe accusations in the complaint, and the description of the complaint, constitute only allegations that certain property is subject to forfeiture.<\/p>\n

\u201cThe United States must prove, by a standard of preponderance of the evidence, that the property is subject to forfeiture. If the United States prevails, the court will order all interests of any potential claimant forfeited.\u201d<\/p>\n

A BEC scheme is a type of sophisticated fraud scheme targeting businesses that use wire transfers as a form of payment.<\/p>\n

BEC schemes affect large global corporations, governments, and individuals, with current global daily losses estimated at approximately $8 million.<\/p>\n

Criminals compromise legitimate business email accounts through various hacking schemes, including social engineering and the\u00a0use\u00a0of\u00a0malware.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The US government has filed a civil forfeiture action to recover $5.3 million linked to a business email compromise (BEC) scheme that defrauded a Massachusetts workers union. 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