Published on August 8, 2024
Updated on August 9, 2024
A company in Singapore lost $42 million to scammers. Quick action by authorities helped recover most of the money.
Image Source: Annie Spratt | Image was edited by Scammer.live
A company in Singapore fell victim to a big email scam, losing around $42 million to fraudsters. Thanks to quick action and help from global investigators, most of the money was recovered.
What Happened
The scam, known as "CEO fraud," involves criminals spying on companies to gather inside information about employees and partners. They then send a fake email pretending to be a supplier. In this case, the fraudsters sent an email that looked very similar to the real supplier's address, with only a small misspelling. This tricked the company into sending $42.3 million to the fake supplier.
Quick Response
The scam was discovered four days later when the real supplier contacted the company to say they hadn’t received the money. The company immediately reported the fraud to the police in Singapore, who then contacted Interpol.
The Outcome
Interpol investigators quickly stepped in and seized $39 million the next day. Over the following days, they arrested several suspects and recovered another $2 million.
Previous Cases
In 2022, the FBI and other agencies arrested 65 people for similar Business Email Compromise (BEC) scams.
This case shows the importance of acting fast if you suspect a scam. Quick reporting can help recover stolen money and catch the criminals involved.
#CEOFraud #ScamNews #Singapore #Company #Fraudsters #42MillionDollar #GlobalInvestigators #BusinessEmailCompromise #FBI #FakeSupplier
