Two House Appropriations bills recently advanced by House negotiators have included language surrounding Business Email Compromise (BEC) in an effort to promote collaboration between federal and law enforcement agencies and private sector partners in monitoring and reporting for cyber-based crime events. The House Appropriations bill covering the departments of Commerce, Justice, Science and Related Agencies includes a section on BEC, noting that “the FBI has assessed that ‘BEC is one of the fastest growing, most financially damaging Internet-enabled crimes.’” It goes on to encourage the FBI to “explore ways to increase collaboration and coordination with industry and other private sector partners in addressing BEC and [email account compromise]”. Additionally, the bill covering Financial Services and General Government directs the Financial Crimes Enforcement Network (FinCEN) to “brief the Committee within 90 days of enactment of this Act on its ongoing efforts to combat and raise awareness of business email compromise scams, including joint activities conducted with the Department of Justice, Federal Bureau of Investigation, Federal Trade Commission, and other relevant agencies.” As agencies seek best practices, this is indicative of more specific requirements for banks, lending institutions and entities that have access to sensitive borrower data and recordable instruments. These institutions are encouraged to be ready for more scrutiny and, as a result, to deploy tools, technology, controls or processes to protect against these online threats. Wire and title fraud levels remain high These concerns about business email compromise and other online crimes are supported by data that shows a continued
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