An Australian woman fell victim to a Business Email Compromise (BEC) scam, transferring $813,000 to criminals who impersonated a legitimate business. Fortunately, authorities recovered $777,000 of the stolen funds through collaboration with Pakistani authorities and cryptocurrency exchanges.
An Australian woman has fallen victim to an elaborate scam after she unwittingly transferred $813,000 to criminals, which she believed was going towards the purchase of a new home. The woman, from South Australia, fell victim last year to what’s known as a Business Email Compromise scam, the Australian Federal police said. Fortunately, police managed to recover $777,000 of the woman’s money, or about 96 per cent of the funds stolen, in March, 2024.
The JPC3 were able to work with Pakistani National Response Centre for Cyber Crime and global cryptocurrency exchange Binance to freeze the fraudulent account and retrieve $272,000 of that $300,000. A Pakistani national was suspected as a money mule, and it is alleged he opened the account in his name for other criminals to use to launder illicit funds.
Business Email Compromise BEC Scam Cybercrime Cryptocurrency Fraud
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