Security News > 2024 > August > Police take just 2 days to recover $40M stolen in business email scam

Two days is all it took for Interpol to recover more than $40 million worth of stolen funds in a recent business email compromise heist, the international cop shop said this week.

Interpol was called in after an unidentified Singaporean commodity biz filed a police report on July 23 claiming it had been scammed out of $42.3 million four days earlier.

Regardless, the country's local police force assisted their Singaporean and Interpol counterparts, locating and intercepting $39 million from the scammers' bank account.

Seven arrests were also made following the intervention, which in turn led to the discovery of more than $2 million in additional funds.

"The cooperation between authorities in Singapore and Timor Leste in this case was exemplary and demonstrates how quick action through Interpol can help recover funds taken from the fraud victims and identify the perpetrators."

BEC scamming is a highly lucrative business and is more costly to US victims than ransomware, according to a report from the feds earlier this year.

News URL

https://go.theregister.com/feed/www.theregister.com/2024/08/07/police_take_just_two_days/