Well, one can never be certain and safe in the financial arena where fraudsters are looking for every opportunity to dupe innocent and unsuspecting victims. In yet another case of fraud inflicting the financial world, a Lithuanian man has admitted of siphoning off nearly $123 million from Google and Facebook by using fake invoices to lure employees into wiring money to his bank accounts, according to report by ZDNet.
The man, Evaldas Rimasauskas has pleaded guilty of the charges and could face upto 3 years in the prison. According to US officials, Rimasauskas operated a company which he named similar to Quanta, a reputable provider of data center hardware products.
His main targets were Google and Facebook as both these companies had working relationships with Quanta. Rimasauskas used the name of Quanta and sent them emails that the companies thought were coming from Quanta and he asked them to send payments to the bank accounts provided by Rimasauskas, which were located at banks in Latvia and Cyprus. As soon as he received the money, Rimasauskas transferred the money to other accounts in Latvia and Cyprus.
The scheme was run for a period of three years from 2013 to 2015 and he allegedly siphoned off nearly $23 million from Google and $100 million from Facebook. The scam is now referred to as whaling or the BEC (Bussiness Email Compromise) scam.
Google and Facebook are not the only companies who have been at the receiving end of the BEC scams. Other big players who have lost money as a result of BEC scams are FACC, an Austrian manufacturer of airplane parts, which lost $56.79 million; Leoni, a German manufacturer of wires and electrical cables, which lost $45 million; Crelan, a Belgian bank, which lost $76 million; and Pathe, a French film production and distribution company, which lost $21 million.