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The Fall of the Billionaire Gucci Master
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The Fall of the Billionaire Gucci Master

Evan Ratliff
Bloomberg, 2021
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Editorial Rating

8

Qualities

  • Eye Opening
  • Background
  • Concrete Examples

Recommendation

The FBI estimates that, in 2020, fraudsters played more than 20,000 “business email compromise” (BEC) hustles in the United States, making away with $1.8 billion. In this enthralling investigative report, journalist Evan Ratliff examines the shadowy world of BEC thefts against the backdrop of the lavish life of Ramon Abbas, who amassed a multimillion-dollar bankroll from his cyber thefts. Ratliff expertly maps out how BEC scams work, noting the snares corporations typically fall into. Executives looking to understand BECs will find a shocking story of deception in this noirish report.

Take-Aways

  • Ramon Abbas is one face of the global “business email compromise” (BEC) scams that target corporate entities.
  • In BEC thefts, hackers substitute their bank information for that of legitimate business parties. 
  • The worldwide scale of BEC crimes is enormous and growing.

About the Author

Evan Ratliff is a journalist at Bloomberg.

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