$3.7M seized, 281 arrested in coordinated BEC operation
The Department of Justice (DOJ) announced this week that the U.S., in conjunction with international law enforcement authorities, disrupted a series of business email compromise (BEC) schemes that were designed to intercept and hijack wire transfers from businesses and individuals.
As a result of "Operation reWired,” $3.7 million was seized and 281 arrests were made.
“The Department of Justice has increased efforts in taking aggressive enforcement action against fraudsters who are targeting American citizens and their businesses in business email compromise schemes and other cyber-enabled financial crimes,” said Deputy Attorney General Jeffrey Rosen in a statement.
"Through Operation reWired, we’re sending a clear message to the criminals who orchestrate these BEC schemes: We’ll keep coming after you, no matter where you are," added FBI Director Christopher A. Wray. "And to the public, we’ll keep doing whatever we can to protect you. Reporting incidents of BEC and other internet-enabled crimes to the IC3 brings us one step closer to the perpetrators.”
Earlier this year, the Financial Crimes Enforcement Network (FinCEN) highlighted new efforts to combat BEC scams. Suspicious activity reports (SARs) have indicated that BEC scams led to more than $300 million stolen a month in 2018, more than three times what was reported in 2016.
NAFCU recently shared with the agency ways to improve information sharing between government agencies, law enforcement and financial institutions to better combat BSA-related issues. The association has cybersecurity compliance resources available online – including its most recent BSA Blast, which details FinCEN's BEC efforts. A webinar available on-demand also details how to identify cybersecurity risks and vulnerabilities.
Add to Calendar 2020-03-26 14:00:00 2020-03-26 14:00:00 Data Breaches – Mitigation and Response Strategies As data breaches continue to make the headlines credit unions are challenged to maintain member confidence in their ability to recognize, react and respond to intrusions in order to safeguard member financial information and transactions. A core component of cybersecurity risk management is a well-designed Incident Response program that supports the credit union’s needs. This session will summarize up to date information on the latest cybersecurity risks and how breaches occur. We will also explore regulatory guidance and current practices for a credit union to define and manage an incident response program. Key Takeaways Understand the latest developments in ransomware and account take over attacks Explore case studies from recent intrusions, breaches and lessons learned from each case study Learn how to describe key risks and controls to mitigate and respond to breaches in Office 365 Understand the various aspects of the “Cybersecurity Kill Chain” Define key strategies to test your institution’s Incident Response program Register Now$295 Members | $395 Nonmembers (Additional $50 for CD) One registration gives your entire credit union access to the on-demand recording until March 26, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Compliance staff Risk management staff Legal staff Education Credits NCCOs will receive 1.5 CEUs for participating in this webinar. NCRMs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Understand the latest developments in ransomware and account take over attacks. Explore case studies from recent intrusions, breaches and lessons learned from each case study. Learn how to describe key risks and controls to mitigate and respond to breaches in Office 365. Understand the various aspects of the "Cybersecurity Kill Chain". Define key strategies to test your institution's Incident Response program. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Regulatory Ethics - Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
Credits: NCCO, NCRM, CPE
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