HKACFE Morning Webinar - Latest Developments in On-line Scam Investigations

About the topic:

According to the Internet Crime Complaint Center (IC3) of the US Federal Bureau of Investigation (FBI), in 2019, IC3 received a total of 467,361 complaints with reported losses exceeding $3.5 billion. The top three crime types with the highest reported losses were Business Email Compromise (“BEC”) Confidence/Romance Fraud, and Spoofing. The IC3’s Recovery Asset Team (RAT), which assists in recovering funds for victims of BEC schemes, celebrated its first full year (in 2019) of operation. During its inaugural year, the RAT team assisted in the recovery of over $300 million lost through on-line scams, boasting a 79% return rate of reported losses. A security vendor’s BEC research in 2020 found BEC actors are not only coming from Nigeria but in 50 different countries, yet only half of the scammers they identified were located in Nigeria. Surprisingly, a quarter of all BEC attackers had a home base in the United States.

Money mules, one of the most important components of the BEC financial supply chain, were also observed around the world. But payments directed to mule accounts based in Hong Kong were than six times their stateside counterparts. FINCEN's BEC updates also named China and Hong Kong as the top 5 prominent destinations of BEC-derived funds. In this webinar, the speakers will shed the light on the BEC attacks situations in Hong Kong with actual examples from their investigations (victim's information has been withheld due to NDAs).  Recommendations and advice for prevention and detection will be provided at the end of the presentation and in the Q&A session.

Event details:


 Tuesday, 30 March 2021


 8:00am – 10:00pm








 HKSI Institute Members: HKD200
 Non-Members: HKD300


 Please click HERE for details.

To learn more about ACFE and the event, please click HERE.