- Interpol has created an international stop-payment mechanism that enabled the largest-ever recovery of funds from a business email compromise (BEC) scam.
- This development comes after a Singapore-based commodity firm lost $42.3 million in mid-July 2024 to a BEC scam.
In a significant victory against cybercriminals, Interpol has announced the recovery of over $40 million stolen in a sophisticated business email compromise (BEC) attack. The operation highlights the growing threat of email-based scams to businesses worldwide and the need for more robust cybersecurity measures.
The global stop-payment mechanism, the Global Rapid Intervention of Payments (I-GRIP), developed by Interpol, was used after a commodity firm based in Singapore filed a police report about a $42.3 million fraud. I-GRIP uses a 196-country police network to speed up requests for assistance in financial crime cases.
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The Operation and Interpol Response
Cybercriminals impersonated high-level company executives to conduct the scam, tricking employees into transferring large sums of money to fraudulent accounts. These…
