ICC has become a target of cybercrime causing the loss of a substantial amount of money, approximately $2.5 million, sent via wire transfer. Although the right amount in the scam has been unconfirmed. ESPNcricinfo came to know that the alleged scam was created in the US and took place in 2022. The scammers utilized the business email compromise (BEC) to carry out financial fraud. Also known as email account compromise, which the Federal Bureau of Investigation (FBI) calls “one of the most financially damaging online crimes”. The ICC is silent on the incident because it has reported the alleged fraud to the US law enforcement agencies and an investigation is ongoing.
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It has been learned that the ICC board was informed of the incident last year. It is not yet known exactly what route the scammers used to transfer the money from the ICC account. If they contacted ICC’s Dubai headquarters directly or contacted an ICC supplier or consultant. It also doesn’t confirm if the transaction was made in a single payment or if there were multiple bank transfers.
A BEC scam is a form of phishing designed to trick businesses and individuals into making money transfers. The FBI said in a congressional report last November (submitted to the US government) that its cybercrime control center received more than $2.4 billion in BEC-related claims in 2021.
In the report, according to the FBI, BEC scams typically involve: “Spoofing a known, legitimate email address, or using a nearly identical address to appear as someone the victim knows or trusts. ” BEC scams are initiated when a victim receives false instructions from a criminal attempting to reroute legitimate payments to a scammer-controlled bank account. “The BEC scam is evolving, according to the FBI -Report quickly as criminals are becoming more “sophisticated”. “The scam has ranged from fake emails allegedly solicited by CEOs. It Includes requesting electronic payments to fraudulent locations, fake seller emails, and fake attorney email accounts. The fork gift cards developed from salary payments, a target of the real estate industry and fraudulent solicitations for large amounts.”