Cricket Governing Body ICC Loses Around $2.5 Million In Online Money Fraud

March 12, 2023 0 By JohnValbyNation

In a shocking reveal, it has come to light that the cricket governing body International Cricket Council (ICC), was scammed of roughly USD 2.5 million in 2022. 

As per ESPNcricinfo, the precise amount involved in the scam that originated in the USA has yet to be verified.

ICC website

The fraudsters reportedly used a business email compromise (BEC) method, described as “one of the most financially destructive online crimes” by the FBI, to carry out the scam. 

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ICC tight-lipped about incident

The ICC has not divulged much about the crime as law enforcement agencies in the USA have been intimated and a probe is underway. 

The cricketing Board was informed about the incident last year and it came to the fore on January 19.

Representational Image

ICC consultant fell prey to BEC scam

The BEC form of phishing, where a
legitimate email ID is mimicked to avoid suspicion and trick the victim. 

In the garb of a reliable contact, the fraudsters attempt to make payments to their bank account. 

As per reports, in this particular instance, the email ID of one of ICC’s consultants was faked. 

 Then a mail was sent to the board’s Chief Financial Officer (CFO), raising a voucher of US $500,000 to be cleared for payment. 

BEC scam is quickly evolving

In a Congressional Report (filed to the US government) from last November, the FBI reported that in 2021, BEC-related claims to its Internet Crime Control Center totalled more than USD 2.4 billion.

Representational Image/FBI website

According to FBI research, the BEC scam is quickly evolving as perpetrators become increasingly “skilled”. 

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The impersonation of vendor emails, spoofed lawyer email accounts, theft of payroll funds, targeting of the real estate sector, and fraudulent requests for sizable amounts of gift cards are all examples of how the scam has advanced from spoofed emails allegedly from chief executive officers requesting wire payments to fraudulent locations.     

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