Broker Buzz: What is (BEC)?
Business Email Compromise (BEC)
This may be a new phrase and acronym to some and many of you may have already heard it. Business Email Compromise goes hand in hand with the Buzz Topic we have been hearing a lot about Cyber Fraud, Wire Fraud, Cyber Security. This is when a Realtor, a Buyer , A seller or any party to a real estate transactions email has been hacked and then the buyer is given false wiring information. If you missed the seminar hosted by Prestige Title on 09/27/2017 where the local FBI came to speak you missed a lot of great information. Since January 2015 there has been a 2400% (yes I did just say 2400%) increase in the US. $113,719 is the average amount of a loss. To put into perspective, in 2016 REPORTED credit card fraud in the US amounted to $45k and REPORTED BEC fraud amounted to $400k+.
There are two parts to this type of crime and therefore 2 parts are investigated.
1. is the Cyber or the Hacking and that is investigated by the FBI's Cyber division.
2. What happens to the $. That is the white collar part and is investigated by the FBI's white collar crimes division. The white collar crimes goal is to get the money back. However, due to high volume of incidents they only investigate incidents of $50k or more.
What does the FBI want you to do if this happens to one of your customers?
1. Call the bank that the money was wired from
3. File a complaint with IC3 at www.IC3.gov They want you to do all 3 of these steps even if it is under $50k so they can keep track of it. Please see additional information tips from Prestige Title: