According to the FBI, billions of dollars have been lost due to Enterprise Email Compromise (BEC) attacks in recent years, leading one to question whether there’s any good news on this front.
Despite the challenge, authorities reportedly recovered more than $40 million stolen in a recent business email compromise (BEC) heist just 48 hours after being notified about the incident.
As Interpol, police in Singapore were notified by a commodities agency last month, revealing they had fallen victim to a scheme involving the unwitting transfer of funds into a fraudulent account in East Timor, also known as Timor-Leste.
The unsuspecting agency was deceived into thinking that the bank account in question belonged to a trustworthy vendor, only to have $42.3 million fraudulently transferred into it on July 19 after falling victim to a convincing phishing email.
Four days after the fact, the Singapore agency discovered its costly mistake when the genuine provider reached out to express concern about a missing payment. The investigation was subsequently referred to native police, which collaborated with international law enforcement agencies, including Interpol, as well as local authorities in Timor Leste.
The following day, on July 24, Singapore law enforcement officials received confirmation from Interpol that the Timor-Leste authorities had frozen assets valued at more than US$39 million.
You would likely assume that was an outstanding outcome; however, there was further exceptional news to emerge. Between July 24-26, law enforcement authorities in East Timor apprehended seven individuals suspected of involvement in a fraudulent scheme, and subsequently seized an additional $2 million in assets. Ongoing initiatives aim to restitutionally compensate those wrongfully deprived of their financial assets.
Swift action was made possible through Interpol’s International Financial Intelligence and Response Partnership (IFIRP), a mechanism designed to facilitate rapid collaboration among global law enforcement agencies in combating financial crimes.
Within days, USD 39 million was frozen in Timor-Leste, prompting the arrest of seven suspects. The swift resolution resulted in an additional $2 million being restored. Efforts are being made to recover and return the stolen funds to their rightful owner, bringing closure to those affected by this unfortunate incident.
“Scams pose a significant and pervasive threat globally, necessitating a concerted international effort to combat them effectively.” “As we converse, immediate funds are disbursed with merely a button’s touch; equally swift, law enforcement should be able to deploy quickly to protect our citizens,” stated David Chew, Director of the Singapore Police Force’s Industrial Affairs Division. “We praise INTERPOL’s Monetary Crime and Anti-Corruption Centre for its prompt and resolute action, playing a crucial role in the swift seizure of more than $40 million.”
Interpol urges corporations and individuals alike to remain acutely aware of potential threats, ensuring that all employees are adequately informed about various scams and their tactics, thereby preventing successful exploitation.
