MT760 or MT799 Fraud
MT760 and MT799 are fraud cases that involve the use of fraudulent payment instructions in banking transactions, specifically by hackers or fraudulent individuals who impersonate authorized employees of banks or financial institutions.
BINR
- Project Date : 2018
- Project Type : Business Strategy
- Project Process : Completed Project
I know it sounds strange, but a few days ago, one of my small business clients actually asked me, “What is a business project?” I found myself wondering how to answer that. After all, we’re all being bombarded with advice about projects.
These types of fraud are a form of business email compromise (BEC) or corporate account takeover fraud, where hackers gain unauthorized access to email accounts belonging to employees of banks or companies that process payments. Once in control of these email accounts, they send out fraudulent payment instructions to other banks or companies, requesting them to transfer funds to accounts owned by the scammers.
Those are examples of Business Email Compromise (BEC) or Corporate Account Takeover (CAC) scams. It is a type of cyber-crime in which a scammer gains unauthorized access to a corporate email account or establishes a fake account that resembles a legitimate company. The scammer then sends out fraudulent payment instructions, often by impersonating the company’s employees or sending fake invoices or purchase orders.
These scams can be incredibly convincing and often target companies or individuals that process payments. The instructions often appear to be from a trusted partner or supplier, making them difficult to detect.
