LYON, France: A global stop-payment mechanism developed by INTERPOL has helped Singapore authorities make their largest ever recovery of funds defrauded in a business email compromise scam.
On 23 July 2024, a commodity firm based in Singapore filed a police report stating that they had fallen victim to a business email compromise scam, in which a scammer obtains access to or impersonates a business email account to deceive employees into transferring money to their bank account. On 15 July, the firm had received an email from a supplier requesting that a pending payment be sent to a new bank account based in Timor Leste. The email, however, came from a fraudulent account spelled slightly different to the supplier’s official email address.
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Source: INTERPOL
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