Google and Facebook got tricked out of $123 million by a scam that costs small businesses billions every year — here's how to avoid it
This week, the Department of Justice announced the indictment of a Lithuanian man who bilked Google and Facebook out of $123 million.
Here's why the type of common fraud that struck Google and Facebook is actually the biggest problem in cybersecurity, and how to avoid it. That was the case with one owner of a small accounting firm in Brooklyn, New York, who wished to remain anonymous. In 2016 and 2017, an administrative assistant received several emails from an email address that appeared to belong to a business partner requesting payment for legal services, with wire addresses at legitimate banks. The assistant was in charge of releasing funds for routine invoices and complied.
In 2017, a commodities trading firm called Tillage Commodities LLC, based in Connecticut, lost 64 percent of its total capital to business email compromise over the course of just 21 days. The company was later fined $150,000 by the Commodity Futures Trading Commission for failing to supervise its funds.
Rimasauskas"forged invoices, contracts, and letters that falsely appeared to have been executed and signed by executives and agents of [Google and Facebook], and which bore false corporate stamps embossed with [their] names, to be submitted to banks in support of the large volume of funds that were fraudulently transmitted via wire transfer.
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