"Nigerian Authorities Arrest 11 Members of Prolific BEC Fraud Group"

Nigerian authorities have arrested 11 individuals believed to be members of the business email compromise (BEC) crime ring tracked as SilverTerrier. SilverTerrier is also known as the TMT BEC gang and has been active since 2014, compromising thousands of organizations worldwide and gathering numerous factions under its umbrella.  The Nigerian Police collaborated with Interpol and private security firms Palo Alto Networks and Group-IB.  It is believed that the individuals arrested are collectively involved in BEC attacks targeting more than 50,000 victims.  On the laptop of one of the suspects, authorities found more than 800,000 potential victim domain credentials, Interpol stated.  Another suspect was observed monitoring conversations that 16 companies had with their clients and diverting funds whenever transactions were to be made, while a third is believed to have been involved in BEC attacks across West African countries such as Gambia, Ghana, and Nigeria.  BEC fraud incurred losses of more than $1.8 billion in 2020, and the SilverTerrier fraudsters are believed to be responsible for much of these losses.

SecurityWeek reports: "Nigerian Authorities Arrest 11 Members of Prolific BEC Fraud Group"