TORONTO: Attempts at cyber wire fraud globally, via emails purporting to be from trusted business associates, surged in the last seven months of 2016, the US Federal Bureau of Investigation (FBI) said in a warning to businesses.
Fraudsters sought to steal $5.3 billion through schemes known as business email compromise from October 2013 through December, the FBI said in a report released Thursday by its Internet Crime Complaint Center (ICCC).
The figure is up sharply from the FBI’s previous report, which said thieves attempted to steal $3.1 billion from October 2013 through May 2016, according to a survey of cases from law-enforcement agencies around the world.
The number of business-email compromise cases, in which cyber criminals request wire transfers in emails that look like they are from senior corporate executives or business suppliers who regularly request payments, almost doubled from May to December of last year, rising to 40,203 from 22,143, the FBI said.
The survey does not track how much money was actually lost to criminals.
Robert Holmes, who studies business email compromise for security firm Proofpoint Inc., estimated the incidents collated by the FBI represent just 20 percent of the total, and that the actual losses could be as much as double the figures reported by the FBI.
The losses are growing as scammers become more sophisticated, delving deeper into corporate finance departments to find susceptible targets, he said.
“This is not a volume play; it is a carefully researched play,” he said.
The US is by far the biggest target market, though fraudsters have started to expand in other developed countries, including Australia, Britain, France and Germany, Holmes said.
The FBI has said that about one in four US victims responds by wiring money to fraudsters. In some of those cases, authorities have been able to identify the crimes in time to help victims recover the funds from banks before the criminals pulled them out of the system.
The US Department of Justice said in March that it had charged a Lithuanian man with orchestrating a fraudulent email scheme that had tricked agents and employees of two US-based Internet companies into wiring more than $100 million to overseas bank accounts.
Fraudsters have also used spoofed emails to trick corporate workers into releasing sensitive data, including wage and tax reports, according to the advisory.
FBI warns of surge in wire-transfer fraud via spoofed emails
FBI warns of surge in wire-transfer fraud via spoofed emails
Closing Bell: Saudi equities continue 4-day upward trend
RIYADH: Saudi equities closed higher on Wednesday, with the Tadawul All Share Index rising 51.52 points, or 0.47 percent, to finish at 10,945.15.
Trading activity was robust, with 373.9 million shares exchanged and total turnover reaching SR6.81 billion.
The MT30 Index also ended the session in positive territory, advancing 11.93 points, or 0.82 percent, to 1,472.82, while the Nomu Parallel Market Index declined 116.82 points, or 0.49 percent, to 23,551.47, reflecting continued volatility in the parallel market.
The main market saw 90 gainers against 171 decliners, indicating selective buying.
On the upside, Al Kathiri Holding Co. led gainers, closing at SR2.18, up SR0.12, or 5.83 percent. Wafrah for Industry and Development Co. advanced to SR23, gaining SR0.99, or 4.5 percent, while Al Ramz Real Estate Co. rose 4.35 percent to close at SR60.
SABIC Agri-Nutrients Co. added 4.21 percent to SR118.70, and Al Jouf Agricultural Development Co. climbed 4.12 percent to SR45.
Meanwhile, losses were led by Saudi Industrial Export Co., which fell 9.73 percent to SR2.69. United Cooperative Assurance Co. declined 5.08 percent to SR3.74, while Thimar Development Holding Co. dropped 4.54 percent to SR35.30.
Abdullah Saad Mohammed Abo Moati for Bookstores Co. retreated 4.15 percent to SR48.50, and Gulf Union Alahlia Cooperative Insurance Co. slipped 3.96 percent to SR10.44.
On the announcement front, Saudi National Bank announced its intention to issue US dollar-denominated Additional Tier 1 capital notes under its existing international capital programe, with the final size and terms to be determined subject to market conditions and regulatory approvals.
The planned issuance aims to strengthen Tier 1 capital and support the bank’s broader financial and strategic objectives.
The stock closed at SR42.70, gaining SR0.70, or 1.67 percent, reflecting positive investor reaction to the capital management move.
Separately, Almasane Alkobra Mining Co. said its board approved the establishment of a wholly owned simplified joint stock company to provide drilling, exploration and related support services, with a share capital of SR100 million and headquarters in Najran, subject to regulatory approvals.
The new subsidiary aligns with the company’s strategy to enhance operational efficiency and expand its role in the Kingdom’s mining sector.
Shares of Almasane Alkobra Mining closed at SR98.70, up SR0.30, or 0.3 percent, by the end of the session.
