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Hackers Target Homebuyers' Life Savings in Real Estate Scam – Bloomberg

Anchored by Anna Edwards and Mark Cudmore, Bloomberg Markets Europe is a fast-paced hour of news and analysis, building towards the drama and excitement of the start of the cash trade across the continent.
Overnight on Wall Street is morning in Europe. Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. Markets never sleep, and neither does Bloomberg News. Monitor your investments 24 hours a day, around the clock from around the globe.
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For weeks, the Secret Service agent had been trying to identify the scammers moving millions of stolen dollars through banks around the New York tri-state area. His quest had begun on a quiet afternoon in May 2020, when the streets of New York were still mostly empty. Cases were moving slowly, and legal processes were delayed. The agent was restless, trying to keep busy during what he thought would be a short-lived pandemic.
Sitting in his office, in a gray tower near the Brooklyn Bridge, the agent, whom we’ll call Alex (he asked to protect his identity because of the undercover nature of his job), started the routine process of scouring a government database called the Internet Crime Complaint Center. The IC3, as the database is known, is accessible to all domestic law enforcement agencies and spans more than two dozen types of crimes, including credit card frauds, ransomware attacks, and identity thefts. Last year it received an average of more than 2,300 cybercrime complaints a day, about one every 37 seconds. Alex was looking for business email compromises, or BECs, a type of scam where hackers infiltrate corporate accounts to send fake wire requests, such as an invoice or a contract payment.

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