The International Cricket Council lost $2.5 million after falling prey to an online scam. The fraudsters allegedly hailed from the USA, thus the ICC has contacted the US agencies to handle the case.
The International Cricket Council (ICC) has been hit by a phishing scam, resulting in a loss of $2.5 million through wire transfer. According to a report, the scam was executed via the Business E-mail Compromise (BEC) method, and the money was transferred using a wire transfer.
Phishing is a type of scam where fraudsters send emails that appear to come from a legitimate source, such as a bank, company, or organization, in an attempt to trick the recipient into providing sensitive information such as login credentials, credit card details, or other personal information.
The ICC has not commented on the incident as it has reported the suspected fraud to law enforcement agencies in the USA and an investigation is currently ongoing. The exact method used by the fraudsters to transfer the funds from the ICC account is unknown, whether they had direct contact with someone at the head office in Dubai or targeted an ICC vendor or consultant.
Additionally, it is not confirmed whether the transaction was done in one single payment or there were multiple wire transfers. The FBI has classified BEC as one of the most financially damaging online crimes as it preys on the fact that people rely heavily on email for business-related communication.