Recovery from a Sophisticated Business Email Compromise

The Attack

On February 3, 2024, "Creative Design Studio" received an invoice that appeared to be from their regular printer supplier. The email was perfect - same formatting, logo, and even referenced recent projects.

The Payment

The accounting department processed the $15,000 payment to a new bank account listed in the email. The real supplier called three days later asking about their payment.

The Realization

The studio owner immediately:

1. Contacted their bank (payment had already cleared)
2. Called the police (local department had no fraud division)
3. Searched Quiet-Report for similar cases

The Solution

Our platform provided:

• Immediate Steps: Documented bank fraud recovery process
• Legal Templates: FDIC fraud affidavit forms
• Network: Connected with 5 other businesses hit by same scam
• Evidence: Platform reports helped establish pattern

The Recovery Process

1. Bank Cooperation: Provided our community reports as evidence
2. Law Enforcement: Pattern established across multiple jurisdictions
3. Insurance: Business fraud policy covered investigation costs
4. Recovery: Funds traced and frozen within 72 hours

Results

• Financial Recovery: $15,000 returned in 30 days
• Security Improvements: Implemented dual-factor vendor verification
• Industry Impact: 12 other businesses updated their payment processes
• Legal Action: Scammer identified through coordinated reports

Key Lessons

1. Always verify bank account changes via separate channel
2. Use community data to establish fraud patterns
3. Document everything immediately
4. Business fraud insurance is essential