Singapore police said they recovered US$12.8 million sent by a petrochemical company to a fraudulent Cambodian bank account, highlighting the financial risk of changed payment instructions.
The Singapore Police Force (SPF) said Thursday that its Cyber Command engaged the Cambodian National Police and coordinated recovery efforts with OCBC. The SPF said the recovery covered the entire transfer.
The company received an email on Oct. 1 directing it to send a payment to a new account. After the company flagged a discrepancy in the paperwork, scammers sent a letter purporting to authorize the change, marked with the business counterpart’s signature and company stamp. Police later determined the letter was fraudulent. The company transferred the money on Oct. 13, the SPF said.
The case came to light on Oct. 26, when the counterpart told the company the payment had not arrived. The company then filed a police report.
In a May advisory, the SPF said at least 66 cases involving requests to change vendors’ payment details had been reported since Jan. 1, with losses of at least $19 million. The agency advised businesses to contact suppliers or counterparts using a phone number verified in advance when payment instructions change.
