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ICC loses $2.5 Million through a cybercrime

ICC loses $2.5 Million through a cybercrime

Image Source: Moneycontrol

The investigation of cybercrime is on ICC was the victim of a cybercrime in which a large sum of money, $2.5 million, was a wire transfer. Although the exact amount has been unconfirmed.

ESPNcricinfo has learned that the alleged scam originated in the United States and took place in 2022. The way the scammers profited from the financial fraud they perpetrated was through the Commercial Email Compromise (BEC), also known as an email account hack. The Federal Bureau of Investigation (FBI) dubbed it as “One of the most financially damaging Crime on the Internet”. (Read Also: Michael Clarke may lose his forthcoming commentary contract due to slapping video)

The ICC is mute on the incident as it has reported the alleged fraud to US law enforcement and an investigation is ongoing. It became known that the ICC management was informed about the incident last year.

What is a BEC scam?

The BEC scam is a form of phishing designed to trick businesses and individuals into making money transfers. The FBI said in a congressional report last November (submitted to the US government) that its Cybercrime Control Centre received more than $2.4 billion in BEC-related inquiries in 2021. In the report, according to the FBI, BEC scams typically include: impersonating a known, legitimate email address, or using a near-identical email address to give the impression that you are someone the victim knows or knows whom it trusts.” BEC scams are initiated when a victim receives false instructions from a criminal attempting to hijack legitimate payments into a bank account controlled by the scammer.” FBI says BEC scams are changing – report them fast as criminals are getting ‘more sophisticated’. The scams range from allegedly solicited fake emails from CEOs. The request for electronic payment via fake locations, fraudulent vendor emails, and fraudulent attorney emails. It accounts to fake gift cards engineered from salary payments. The attacks on real estate and fraudulent claims for large sums of money – are some of the types of BEC scams.

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