Trading firm Virtu Financial says it lost $6.9 million in a business email compromise scam in May. An executive’s email account was illegally accessed and used to send fraudulent emails to the company’s accounting department. The company is suing its insurance carrier, Axis Insurance, for not covering the loss, claiming breach of contract. BEC schemes accounted for about $1.7 billion in losses in 2019, according to the FBI’s Internet Crime Complaint Centers annual cybercrime report.”]
Source: https://www.cuinfosecurity.com/bec-scam-costs-trading-firm-virtu-financial-69-million-a-14804