Recent cases of cyber fraud recorded

Local businesses who deal with overseas suppliers should immediately become suspicious when they are advised of any last minute changes in any bank account details or payment instructions.

The Financial Intelligence Unit Director Razim Buksh has made these comments after they recently received cases where corporate and business entities have fallen victims through email spoofing and identity theft.

He said the cases reported shows the email correspondence sent between the ordering local business entities and their overseas suppliers were intercepted by cyber criminals.

The cyber criminals then use email spoofing to communicate with the local business entities using the same email address of the overseas suppliers.

They then advise the local business entity that due to changes with their finance and accounting department, the payment should be redirected to another bank account. This account belongs to cyber criminals.

Buksh said for two cases, the unit was able to successfully trace the funds and they are now liaising with their foreign counterparts.


Story by: Prasheel Chandra