Security News > 2021 > October > Bank of America insider charged with money laundering for BEC scams
BEC scams use various tactics to compromise or impersonate business email accounts with the end goal of redirecting pending or future payments to bank accounts under a threat actor's control.
One of the case examples in the indictment document seen by Bleeping Computer, mentions a single transaction of $356,954, sent by a victim in Boston to what they thought was the bank account of their business partner.
Elkhebri, being a Bank of America and TD Bank employee between 2015 and 2018, was opening bank accounts under his co-conspirators' and their victims' names, and he also falsified bank book entries.
In response to legal process, Bank of America produced personnel records for Elkhebri, who worked as a personal banker and relationship manager there from 2015 until 2017.
During his time at Bank of America, Elkhebriopened multiple Conspirator Accounts, including an account that Ibehused in furtherance of the scheme.
In response to legal process, TD Bank also produced personnel records for Elkhebri, who worked there from 2017 until 2018.