News

Millions lost through email compromise

October 3, 2022 12:40 pm

From 2016 to 2022, the Financial Intelligence Unit noted 32 incidences where 27 entities and five individuals were victims of email compromise.

From 2016 to 2022, the Financial Intelligence Unit noted 32 incidences where 27 entities and five individuals were victims of email compromise.

This has been highlighted by the FIU Manager Intelligence Esther Sue during the submissions to the standing committee on foreign affairs on the Convention on Cybercrime.

Sue says businesses and individuals have lost more than $6.4 million to cyber criminals through email compromise scams.

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She adds that in one or two instances, they noted a partial return of the funds.

”That was able to be sent by the entity or individual here, and that is also because it was picked up very fast. They asked for a recall of funds from their banks, and the funds were available there.”

Businesses and the public are being warned to exercise caution when handling email payment instructions for import trade transactions and large-value personal outbound remittance transactions.

The FIU supports Fiji’s accession to the Convention on Cybercrime.