Today’s Toronto Star has an article on the email-based scams that have been plaguing lawyers the last few years.
It claims that these frauds have cost law firms in North America $70 million. That sounds like a huge figure at first, but from what we’ve seen the size of these scams are about $200,000 to $300,000, so it would only take about 250 or so lawyers to fall for it to reach that total. practicePRO’s fraud-reporting email address has received thousands of emails since it was set up, but that’s probably only represents a small portion of the lawyers who actually get targeted. Clearly, the fraudsters only need a miniscule success rate to make their operation worthwhile.
Its nice to see this subject getting mainstream media attention, and even nicer to see that a cross-border police operation nabbed one of the organizers. Here’s hoping they arrest many more in the future!