Business email compromise (BEC) is one of the most widespread and financially damaging forms of targeted cyber fraud globally.

A €4 million Business Email Compromise (BEC) fraud has been suspected of having been carried out by two foreign nationals, according to the Greek police. Following a complaint filed in August 2025 by a company representative regarding computer fraud, the Cyber Crime Prosecution Unit of the Hellenic Police immediately began investigating the case.

 By using a misleading email address 

Illegal access to electronic correspondence between the company and a cooperating banking institution abroad was gained by the suspects, and transferred the sum of € 4 million to a bank account of a company based in Bulgaria by them using a misleading email address that resembled the corporate one, as well as fake payment orders.

The legal entity 

The legal entity that appears as the beneficiary of the bank account where the fraudulent money was transferred, as well as the person involved in its management, are involved in the case. In the context of coordinated actions and cooperation, the funds were initially temporarily frozen and then fully recovered, preventing their division and further movement to third-party accounts, while the defendants were identified.

Authorities and banking institutions were notified promptly

In the meantime, authorities and banking institutions were notified in a timely manner, thereby preventing the final loss of money. The authorities recovered the stolen €4 million through direct and coordinated actions of the executives of the Cyber Crime Prosecution Unit of the Hellenic Police, in cooperation with the Authority for Combating Money Laundering from Criminal Activities, the International Police Cooperation Division (Europol Department) and the banking institutions involved.

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Swiftly freeze the funds after the fraud was discovered

The involved financial institutions, authorities, and the International Police Cooperation Directorate (including Europol liaison) worked closely together with Greece's Anti-Money Laundering Authority (Hellenic Financial Intelligence Unit) to swiftly freeze the funds after the fraud was discovered. Crucially, the full amount was recovered before it could be transferred to other accounts, thus preventing permanent loss.

Electronic fraud incidents.

The Greek police noted that this particular case highlights the importance of promptly identifying and reporting electronic fraud incidents. They added that timely notification of the relevant authorities and banking institutions was a decisive factor in the successful recovery of all the money.

About: Business email compromise (BEC)

 Business email compromise (BEC) is one of the most widespread and financially damaging forms of targeted cyber fraud globally. Perpetrators infiltrate or impersonate corporate email accounts and monitor internal and external communications over extended periods. They then intervene at critical moments, such as during invoice processing or large payments, to alter banking details and divert funds into accounts under their control. Where the perpetrators do one of two things: either they gain access to or simulate corporate email accounts, or they monitor communication between businesses for a long period of time. In either case, they intervene at a critical stage of financial transactions by modifying bank account details so that the funds end up in accounts under their control.

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