Spam emails have arguably been around just as long as emails themselves.
We likely all relate to receiving spam emails and often hope these emails go straight to our junk folder. However, some individuals unfortunately fall for these scams.
Recently, six defendants were indicated for conspiring to commit wire fraud and money laundering in connection with a business email compromise scheme. The scheme resulted in approximately $5.8 million being sent to bank accounts opened using fake and stolen information.
The defendants allegedly withdrew the funds in an attempt to conceal their actions and avoid federal reporting requirements. The victims included a hospital, a labor union, a law firm, a real estate closing company, and a logistics company. The defendants were each charged with one count of conspiracy to commit wire fraud, which carries a maximum sentence of 20 years in prison, and one count of conspiracy to commit money laundering, which also carries a maximum sentence of 20 years in prison.
Unfortunately, spam emails can be directed towards businesses and cause large payments to be sent to fraudulent individuals purporting to be vendors, contracted employees, and the like. SDC has aided in the analysis for claims such as these numerous times. When considering accounts payable, it is important to ensure strong internal controls so there are multiple layers of authentication to prevent falling victim to schemes.
Six Defendants Arrested For Multimillion-Dollar Wire Fraud And Money Laundering Scheme. (2023, June 7). https://www.justice.gov/usao-sdny/pr/six-defendants-arrested-multimillion-dollar-wire-fraud-and-money-laundering-scheme
Photo by Solen Feyissa
