FBI Releases 2022 Congressional Report on BEC, Real Estate Wire Fraud
November 15, 2022
The FBI released a report that summaries its efforts to combat business email compromise (BEC) scams and real estate wire fraud by working with partners to identify perpetrators and dismantle their organizations.
The Joint Explanatory Statement accompanying the Consolidated Appropriations Act of 2022 included language directing the Department of Justice to “explore ways to increase collaboration and coordination with industry and other private sector partners, and the FBI is directed to release, within 30 days of the date of enactment of this Act, a public report on the threats from business email compromise (BEC) and related scams.”
The report was also spurred by ALTA’s efforts the past two years to get language included in various House and Senate appropriations reports directing respective agencies to report on efforts to combat and raise awareness of BEC and wire fraud, and collaborate with industry partners to address threats. ALTA is reviewing the report recommendations as part of ongoing advocacy efforts.
The FBI has identified vulnerabilities which, if addressed, would bolster the ability of U.S. law enforcement to effectively address a wide range of threats, including BEC and money mules.
Contact ALTA at 202-296-3671 or [email protected].