FinCEN BEC attacks report: Analysis

The Financial Crimes Enforcement Network (FinCEN) is a U.S. government institution responsible for collecting and analyzing financial information with the aim of combating financial crimes. In 2016, FinCEN issued an advisory to financial institutions on business email compromise (BEC) fraud. On the 16th of July 2019, FinCEN updated the 2016 advisory.

In this article, we’ll examine the five main points of the updated advisory, namely, (i) the changes in the operational definitions of email compromise fraud, (ii) the inclusion of references to other victims of BEC, (iii) providing new information about the trends in the field of BEC, (iv) the insertion of a description of the business processes that are vulnerable to BEC fraud and (v) a detailed examination of the opportunities for information sharing related to BEC fraud.

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