U.S. Company Loses $100M To Email Fraud

An unidentified company last year lost nearly $100 million to individuals who created fake email addresses and posed as vendors, U.S. authorities revealed this week. The government has filed a civil forfeiture lawsuit in a Manhattan federal court seeking to recover about $25 million in proceeds derived from the fraud from nearly two dozen banks from around the world. Thus far, the company has recovered about $74 million. The fraud is part of a trending scheme, in which hackers target companies that work with foreign suppliers or regularly perform wire transfers. The FBI said in a warning last week that businesses have suffered $2.3 billion in losses, globally, due to similar schemes.