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BEC scammers are targeting investors for massive payouts

Posted on Mar 4, 2021
BEC scammers are targeting investors for massive payouts

Business email compromise (BEC) scammers are utilizing a new type of attack targeting investors that could leverage payouts seven times greater than average.

When an investor buys into a firm's investment fund, such as private equity or real estate fund, the firm may ask the investor to hold onto the money until they request it. This agreement allows an investor to keep their money in a more favorable investment to earn interest rather than sitting idle in an investment fund, and the fund can call on the investment when needed.

When an investment fund is ready to use the investor's money, they issue a 'capital call' notice, a formal request for the investor to send them the agreed-upon money.

In a new report by email cybersecurity company Agari, BEC scammers have started to target investors with fake 'capital call' notices that carry a much larger payout than your standard BEC scam.

"In emails to targets, BEC actors masquerade as a firm requesting funds to be transferred in accordance to an investment commitment. Because of the nature of such transactions, the payments requested are significantly higher than those sought in most wire transfer scams. The average payout targeted in capital call schemes: $809,000," Agari explains in their report.

Full article on https://www.bleepingcomputer.com/news/security/bec-scammers-are-targeting-investors-for-massive-payouts/

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