Scammers dupe Chinese venture capitalists out of $1 million with the 'ultimate' BEC heist

Scammers fleeced a Chinese venture capital firm out of a $1 million payment meant for a startup by using malicious emails to steal the cash, according to new findings from Check Point Technologies. As part of the scheme, thieves posed as employees from an Israeli company hoping to raise seed funding from Chinese venture capitalists. By using email addresses that appeared remarkably similar to the actual startup, thieves posed as real Israeli employees in communications with an account manager at the Chinese investment firm. It was only after the $1 million payment went through when the actual startup realized it hadn’t received its payment, and the Chinese VC firm began to understand it’s money was gone. Check Point did not identify either company by name in a blog post Thursday, saying only the incident occurred early in 2019. Unlike a traditional business email compromise, when hackers infiltrate a high-level corporate … Continue reading Scammers dupe Chinese venture capitalists out of $1 million with the ‘ultimate’ BEC heist