The Puerto Rico government fell for a phishing scam that bilked the U.S. territory out of $2.6 million -- an incident that sounds like a possible business email compromise.

According to an Associated Press report, the Puerto Rico Industrial Development Company (PRIDCO), a government-run corporation created to promote the island as an investment destination, reportedly filed a police complaint last Wednesday, after the organization was tricked into transferring funds to an attacker-controlled account.

The monetary transaction took place on Jan. 17 after PRIDCO received a fraudulent email that falsely claimed there was a change to a banking account used to make remittance payments, the report continued, citing a police statement.

Please register to continue.

Already registered? Log in.

Once you register, you'll receive:

  • News analysis

    The context and insight you need to stay abreast of the most important developments in cybersecurity. CISO and practitioner perspectives; strategy and tactics; solutions and innovation; policy and regulation.

  • Archives

    Unlimited access to nearly 20 years of SC Media industry analysis and news-you-can-use.

  • Daily Newswire

    SC Media’s essential morning briefing for cybersecurity professionals.

  • Learning Express

    One-click access to our extensive program of virtual events, with convenient calendar reminders and ability to earn CISSP credits.