CNA reported:
The CEO of a Singapore-based company was tricked into authorizing a US$36.3 million (S$46.5 million) transfer after scammers impersonated his firm’s chairman, police said on Wednesday (May 20), in one of the cases uncovered during a two-month international crackdown on transnational scams.
On Apr 9, a CEO of a firm based in Singapore received a WhatsApp call from a scammer posing as the chairman of the firm’s headquarters, who instructed him to assume responsibility for an acquisition project.
The CEO subsequently directed his chief financial officer to arrange the funding, and between Apr 13 and Apr 17, a total of US$36.3 million was transferred from the company’s overseas and local bank accounts into two local OCBC accounts - US$27.1 million originating from the Luxembourg subsidiary and US$9.7 million from the Singapore entity.
The CEO of a Singapore-based company was tricked into authorizing a US$36.3 million (S$46.5 million) transfer after scammers impersonated his firm’s chairman, police said on Wednesday (May 20), in one of the cases uncovered during a two-month international crackdown on transnational scams.
On Apr 9, a CEO of a firm based in Singapore received a WhatsApp call from a scammer posing as the chairman of the firm’s headquarters, who instructed him to assume responsibility for an acquisition project.
The CEO subsequently directed his chief financial officer to arrange the funding, and between Apr 13 and Apr 17, a total of US$36.3 million was transferred from the company’s overseas and local bank accounts into two local OCBC accounts - US$27.1 million originating from the Luxembourg subsidiary and US$9.7 million from the Singapore entity.
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Takeaway: Require payments to go through the established process. Require vendor setup forms and perform validations, internal controls and best practices to catch fraud.
Enroll in Training Sessions: Last Thursday of Every Month is Training on Frauds and New Scam Alerts and How to Combat
Takeaway: Require payments to go through the established process. Require vendor setup forms and perform validations, internal controls and best practices to catch fraud.
Enroll in Training Sessions: Last Thursday of Every Month is Training on Frauds and New Scam Alerts and How to Combat