Banking Insider Accused of Role in $1m BEC Scheme
Three men including one former bank employee have been indicted by a federal grand jury for their alleged role in a business email compromise (BEC) conspiracy.
Onyewuchi Ibeh, 21, of Bowie, Maryland, Jason Joyner, 42, of Washington, DC and Mouaaz Elkhebri, 30, of Alexandria, Virginia, were charged with money laundering and aggravated identity theft, according to a superseding indictment late last week.
According to the court documents, they’re said to have targeted firms of all sizes across the globe between January 2018 and March 2020.
After phishing their way into employee accounts, they would allegedly conduct months-long reconnaissance before stepping in at the crucial moment when a supplier invoice was expected by the victim company — substituting their own highly convincing request for payment.
Faked domains mimicking those of the supplier were employed to add legitimacy to their communications with the victim organization.
At least five businesses lost over $1.1m in total over the period, with the co-conspirators laundering the funds through dozens of bank accounts, according to the Department of Justice (DoJ).
Each man is said to have played a particular role in the scheme.