Businesses: Don’t wire money to a scammer!

Businesses, look out. The Internet Crime Complaint Center (IC3) is reporting a new scam that could cost you thousands of dollars. The scam has been referred to as the “man in the email” scam, or more recently, the “business email compromise.”

ID-100146153The scam involves a spoofed email–one that appears to be from a known source, but actually belongs to a crook–requesting an unauthorized wire transfer to pay for goods or services.

The email claims to be from a vendor, who requests a wire transfer to a designated bank account. The scammers use an email address that resembles a legitimate one, with very small changes that are hard to spot.

The average loss per victim is arround $55,000, but the IC3 reports some victims were taken for more than $800,000.

IC3 believes the scam may be based in Nigeria. According to the IC3, the scam is more likely to affect businesses in the U.S., England or Canada; businesses that often trade internationally; and businesses that conduct wire transfers for large amounts.

Visit IC3 for more information about the scam.