Business E-mail Compromise (BEC): A Continuing Threat to Businesses in Malaysia and Singapore
Recent reports from Singapore highlighted how sophisticated Business E-mail Compromise (BEC) scams continue to target businesses across the region. In one case, three teenagers were arrested for their alleged involvement in a scheme that deceived a US fund remitter into transferring approximately US$2.89 million (S$3.7 million) into corporate bank accounts set up specifically to receive the fraudulent proceeds.