The International Cricket Council has lost $2.5 million after falling prey to an online scam. The fraudsters were allegedly from the US, so the ICC contacted US agencies to handle the case.
The International Cricket Council (ICC) has been hit by a phishing scam, resulting in the loss of $2.5 million via wire transfer. According to a report, the scam was executed through the Business E-mail Compromise (BEC) method and the funds were transferred by wire transfer.
Phishing is a type of fraud 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 or other personal information.
The ICC has not commented on the incident as it has reported the suspected fraud to US law enforcement agencies and the investigation is ongoing. The exact method the fraudsters used to transfer the funds from the ICC account is unknown, whether they had direct contact with someone at the Dubai headquarters or targeted an ICC salesperson or consultant.
Furthermore, it is not confirmed if the transaction was made with a single payment or if there were multiple bank transfers. The FBI has classified BEC as one of the most damaging economic crimes on the internet, as it relies on the fact that people rely heavily on email for business-related communication.