Course BEC: Lessons from the Case of a BEC Mastermind

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Business Email Compromise (BEC) is among the greatest threats to our financial system, linked to $6.7 billion in losses globally and over 20,000 complaints to the FBI last year. Beyond alerts and compliance documents, financial professionals are the bedrock protecting the integrity of the financial system from its perpetrators — and real-world cases are crucial learning opportunities to strengthen our understanding of the crime, and the need for innovation to respond effectively.


Through a case unsealed by the Department of Justice, this blog examines lessons learned for financial professionals and their institutions in fighting BEC and highlights why collective action through a consortium approach is essential to prevention.

Fame, Fortune & A BEC Kingpin​

“I hope someday I will be inspiring more young people to join me on this path.” 
– Ramon “Hushpuppi” Abbas, Convicted Cybercrime Kingpin

The case of Ramon Abbas shows how far BEC actors will go to amass their fortune – and how financial institutions can help prevent these crimes. Abbas was a kingpin for a crime syndicate who stole at least $24 million through BEC and cyber-enabled fraud, while flaunting a lavish lifestyle funded by the proceeds. From aiding a major online bank heist to assisting one of the world’s most oppressive regimes, Ramon thrived at the crossroads of financial crime with luxury cars, designer clothes, private jets, and a watch worth more than a house — all posted on social media to motivate the desperate and greedy to prey on the vulnerable.

“Mr. Abbas, among the most high-profile money launderers in the world, has admitted to his significant role in perpetrating global BEC fraud, a scheme currently plaguing Americans… His celebrity status and ability to make connections seeped into legitimate organizations… led to several spin-off schemes in the U.S. and abroad.”
— Kristi Johnson, Assistant Director, FBI Los Angeles Field Office

By the time of his sentencing to over 11 years in federal prison, Ramon’s online cult of personality had already encouraged copycat crimes worldwide — perpetuating the threat to financial institutions and their customers. As the scale and impact of BEC continues, vigilance is crucial to deny criminals like Ramon the profit and fame they seek.

Lessons Learned: Warning Signs of BEC​

BEC scams often involve using social engineering tactics to request an irrevocable payment, such as a wire, from high-value targets. Increasingly, companies in the real estate sector have been targeted, given the considerable monetary value of real estate transactions. According to an FBI affidavit, Ramon approached the crime in much the same fashion, having defrauded a law firm of a nearly $1 million real estate payment using a spoofed email address and fraudulent wire instructions. Convinced the transaction was genuine, the law firm failed to realize the scam for several days, and none of the funds were recovered.


Through vigilant monitoring of financial indicators, financial institutions can identify similar activity before it is too late. Key financial indicators of BEC can include:

• large payments to new recipients,
• company payments to individuals,
• inaccurate routing details,
• and transfers initiated near end-of-day or other cut-off windows.

Consortium insights can also prove critical in determining if the payee with whom your customer is transacting has a history of legitimate activity, or represents an account opened to facilitate fraud.