INTERPOL: Global mechanism halts massive business email scam, recovers millions

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has proven its worth after a Singapore-based commodity firm fell prey to a sophisticated BEC scam in July 2024.

SINGAPORE: INTERPOL has unveiled a new weapon: a “global stop-payment mechanism” that has facilitated the largest-ever recovery of funds in afrom Interpol

The unsuspecting firm received an email that appeared to be from a trusted supplier requesting that a pending payment be redirected to a new bank account in Timor-Leste. Unbeknownst to them, the email was a clever ruse, with the sender’s address differing subtly from the genuine one. On July 19, the firm transferred a staggering $42.3 million to what they believed was the supplier’s account. It wasn’t until July 23, when the actual supplier reported not receiving payment, that the firm realized they had been duped.. Within a day of the scam being discovered, authorities in Singapore, utilizing I-GRIP, managed to freeze the counterfeit bank account and recover $39 million of the stolen funds.

The platform’s involvement with darknet markets, virtual exchanges, and criminal marketplaces such as Bitzlato, Blender, Finiko, Garantex, Hydra, Nobitex, and even a terrorist entity, underscores the evolving nature of cyber threats.As cryptocurrency continues to offer new avenues for fraud, threat actors are exploiting legitimate blockchain protocols like Uniswap and Safe.global to conceal their activities and pilfer funds from cryptocurrency wallets.

 

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