Business Email Compromise (BEC) scammers, who have made rich returns in recent years tricking organisations into transferring funds into their accounts, have found a new tactic which attempts to swindle Wall Street firms out of significantly larger amounts of money.

According to a newly published-report by Agari, scammers are seeking to defraud Wall Street businesses and their customers out of US $809,000 on average per incident.

This emerging form of BEC attack is a “capital call” scam, where the fraudsters pose as an investment or insurance firm seeking a portion of money previously promised by an investor for a particular investment vehicle.

Such funds are, inevitably, significantly larger (Agari says on average they are seven times higher) than those sought in most wire transfer scams.

In an example shared by the researchers, the scam email attached a Capital Call Notice for US $970,357.00 to be deposited into a…

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