THE Fiji Financial Intelligence Unit (FIU) recently detected a case where an estate property settlement proceeds totaling approximately FJ$845,000 was remitted to the foreign bank account of a cybercriminal.
According to Fiji FIU Razim Buksh, the cybercriminal pretended to be the beneficiary of the estate in October this year.
He said it appeared that email accounts of the beneficiary and local party were compromised.
Highlighting the continuous rise in cases of individuals and businesses falling victim to email compromise and spoofing scams, Mr Buksh has advised commercial banks, financial institutions, businesses and members of the public to exercise caution when handling email payment instructions for import trade transactions and large value personal outbound foreign remittance transactions.
Email spoofing is the creation of email messages with a fake or look-alike email sender address to mislead the recipient about the origin of the message. Cases reported to the Fiji FIU show that look-alike email addresses were used between local business entities and their overseas suppliers regarding orders for import of goods. Cases also involve non-trade related personal foreign remittance transactions.
The Fiji FIU this year also detected a case of email compromise and spoofing where $575,000 was transferred to a foreign bank account belonging to a cybercriminal syndicate.
Mr Buksh said an email account of a local bank customer was compromised and a fraudulent payment instruction was sent to the local bank in March this year.
In September 2018, in a case involving cyber money laundering, $556,000 was fraudulently transferred from a local business bank account to an offshore “incorrect” bank account number. In this case the foreign supplier’s business email was compromised.
In October 2018, proceeds of approximately 27,000 from sale of investment shares of a local investor who is residing abroad, was remitted to a cybercriminal’s bank account in another country as a result of email compromise of the investor.
“Email compromise involves the cyber attacker often utilising social media platform and online social engineering techniques to trick internet users to unknowingly install malware such as keylogger, computer virus, worm, Trojan Horse and Spyware onto their computers, workstations or wireless devices,” Mr Buksh said.
“This is an effort to compromise and steal personal sensitive information such as email and other online account login credentials.
“Once the cyber attacker gets access to the account, they can then monitor emails, intercepting those that contain an invoice or a payment instruction to the commercial bank.
“Therefore, the cyber attacker then changes the payment instructions on a chosen invoice or intended transaction and allows it to be processed usually with the funds going straight into a bank account of a cybercriminal syndicate instead of the intended and rightful beneficiary.”
Since 2014, 39 businesses and individuals have lost funds totaling $5million in foreign remittance transactions to cybercriminals through email compromise scams.
Only $169,000 was recovered.
Should you need any further clarification or information, please contact Mr. Avaneesh Raman on telephone 322 3279 or email avaneesh@rbf.gov.fj.
