NCUA Alert: Business Email Compromise through Exploitation of Cloud-Based Email Services

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According to the FBI’s Internet Crime Complaint Center, cybercriminals are targeting organizations that use popular cloud-based email services to conduct Business Email Compromise (BEC) scams. Credit unions can take steps to prevent this type of fraud and should report any incidents of fraud immediately to the FBI’s Internet Crime Complaint Center and local FBI field office. Reporting incidents to the Internet Crime Complaint Center within 24 hours increases the chances of recovery for funds wired under fraudulent pretenses.

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