According to authorities, Two con artists from New Jersey and their team hacked into several corporate accounts stealing almost $3 million which was meant for a Manhattan real state transaction on Thursday.
The fraud took place after two foreigners gained access to the corporate email account of the investment company, they were keeping eye on potential investment deals through the emails. The name of the investment firm has not been revealed.
Before a deal of $2.8 million dollar was done, the foreigners emailed the investment company fraudulent account details that appeared to be coming from intended recipient. According to the prosecutors, the two foreigners who planned and stole the money from investment company are known by the name Estarlin Reynoso and Lucy Beswick
According to the court papers, Beswick, 27 instructed Reynoso, 29, step by step on how to open a business account and how to wire the stolen funds through the whatsapp messaging service.
Manhattan DA Cyrus Vance said “New Yorkers whose jobs include wiring money should pay attention to this case, Business email compromises cause billions in worldwide losses each year, but there are steps that companies large and small can take to avoid becoming a victim.”
Vance has suggested businesses to be careful of the authenticity of the emails. They should be verified through verbal communication if transfer of funds are involved.He also suggested to use anti-phishing tools to authenticate emails.
According to the Prosecutor, Reynoso transferred funds to three different banks in China before the fraud was detected. Both the accused were charged with Larceny,identity theft and criminal possession of stolen funds.
The investment company was able to recover most of the funds. Beswick was freed without bail while Reynoso was released on bail for $10000.