Hackers preying on US companies send the cash to China and Hong Kong

Hackers have stolen billions of dollars from American companies by impersonating CEOs in an email scam — and the loot gets wired to banks in China and Hong Kong 83% of the time.

James C. Trainor Jr., assistant director of the FBI’s cyber division, highlighted the reach of the email scam during a speech at the International Conference on Cyber Security on Tuesday in New York City. He was referring to an increasingly common scam called “business email compromise.” Hackers manage to grab a chief executive officer’s email account, then trick the company’s finance department to send money to an outside bank account.