SINCE 2014, 39 businesses and individuals have lost funds totalling $5million in foreign remittance transactions to cybercriminals through email compromise scams.
According to the Fiji Financial Intelligence Unit (FIU), only $169,000 was recovered.
In a statement issued today, Fiji FIU director Razim Buksh has raised concerns on the continuous rise in cases of individuals and businesses falling victim to email compromise and spoofing scams.
“Email compromise involves the cyber attacker often utilising social media platform and online social engineering techniques to trick internet users to unknowingly install malware such as keylogger, computer virus, worm, Trojan Horse and Spyware onto their computers, workstations or wireless devices,” he said.
“This is an effort to compromise and steal personal sensitive information such as email and other online account login credentials.
With the concern, Mr Buksh called on commercial banks, financial institutions, businesses and members of the public to exercise caution when handling email payment instructions for import trade transactions and large value personal outbound foreign remittance transactions.
“Once the cyber attacker gets access to the account, they can then monitor emails, intercepting those that contain an invoice or a payment instruction to the commercial bank,” he said.
“Therefore, the cyber attacker then changes the payment instructions on a chosen invoice or intended transaction and allows it to be processed usually with the funds going straight into a bank account of a cybercriminal syndicate instead of the intended and rightful beneficiary.”
Mr Buksh said any suspicious overseas trade transaction or large personal remittance that could be linked to email compromise and spoofing scams should be immediately reported as a suspicious transaction report to the Fiji FIU.
“Commercial banks and remittance service providers are required to conduct enhanced due diligence for suspicious payment instructions,” he said.
Business customers engaged in overseas trade should also be made aware of alternative and safer modes of instructing commercial banks for international trade payments, Mr Buksh stressed.
“This alert notice is intended for wider circulation to members of the public and business community as well as to industry associations, clients and customers of financial institutions,” he said.
Should you need any further clarification or information, please contact Mr. Avaneesh Raman on telephone 322 3279 or email avaneesh@rbf.gov.fj.
