Money Laundering Costs Businesses Billions of Dollars a year
One BEC (Business Email Compromise) scheme cost a school district nearly 2 million dollars.
By Dhina Clement, Marketing –
Scammers cost businesses $$$
In the technology advanced world we live in, it is easy to be scammed through email by scammers pretending to be vendors. One of the most common ways criminals use to launder their money is through business email compromise (BEC) by asking people to wire money to them. Unfortunately, a lot of businesses and institutions fall victim to that scheme and have suffered the estimated loss of over $26 billion. Most recently, a small school in a Texas school district lost nearly $2 million in a BEC scheme when an employee received an email asking to wire money for a school construction project. The project was real, but the man asking for the money, Donald Conkright, was not the one responsible for the project. He assisted criminals by using his own bank account to move the money obtained overseas so they could profit even more. Unfortunately for Conkright, after the school reported the case to the FB, they traced the money to his bank account and convicted him on money laundering charges in March and sentenced him to 6 years in prison in June. Fortunately for the school, $600,000 of that money was found on Conkright’s account which the FBI will return to the school. His luxury car was also seized and will be sold, and the money will also be returned to the school.
Solving Cybercrimes
With cybercrimes becoming more and more common, it is important that the FBI work with more technology to help solve crimes. The award-winning EyeDetect® technology can help to effectively detect deception in job candidates, employees, security and law enforcement personnel, parolees, criminal suspects, civil case participants, spouses/ significant others, and more. Through a high-resolution infrared camera that tracks changes in pupil size and differences in the way a subject reads statements, the 30 minutes test uses an algorithm that scores deceptiveness on a scale from zero to 100. That way it can help determine if someone is lying or telling the truth. That way the criminals could plead guilty earlier on in the process.
