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$5m of remittances lost due to cybercrime: FIU

December 31, 2018 7:30 am

A total of five million dollars of remittances have been lost due to cyber criminals.

The Fiji Financial Intelligence Unit has noted that since 2014, thirty-nine businesses and a few individuals have been affected.

Unit Director Razim Buksh says addressing how cyber attackers operate is one of their main focus given that a lot of transactions are done via social media platforms.

We have issued an alert notice informing businesses, members of the public as well as commercial banks to exercise caution when they receive payment instructions electronically.”

Buksh says there are difficulties in compiling evidence as the location of cyber criminals can be anywhere in the world.

“We are aware that some of these cases have been formally investigated and are awaiting the decision of the office of the DPP.”

He adds business customers engaged in overseas trade should be made aware of safer modes of instructing commercial banks for international trade payments.