Luxembourg-based Orion S.A., a leading supplier of carbon black, has been defrauded of a staggering $60 million. The company alerted the US Securities and Exchange Commission (SEC) on August 10th through an official filing (Form 8-K).
The filing reveals that a non-executive employee became the target of a criminal operation. The document states: “On August 10, 2024, Orion S.A. determined that a Company employee, who is not a Named Executive Officer, was the target of a criminal scheme that resulted in multiple fraudulent wire transfers to accounts controlled by unknown individuals.”
While Orion refrained from sharing specific details about the attack, the nature of the incident – multiple fraudulent wire transfers initiated by an employee – strongly suggests a BEC scam.
In a typical BEC scam, cybercriminals gain access to a legitimate email account belonging to a high-ranking official within a company or impersonate them through a spoofed email address. They then target employees with access to company finances, tricking them into authorizing unauthorized payments.
Common tactics employed by BEC scammers include:
- Urgency and secrecy: Criminals may claim the company is in the process of acquiring a competitor and needs to expedite the transac
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