Financial Crime World

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Company Falls Victim to “Payment Intercept” Scam

A local company has fallen prey to a sophisticated scam, where it was instructed to redirect a payment of around US$54,000.00 to a bank account in Hong Kong.

How the Scam Worked

According to sources, the company received a fraudulent email purporting to be from its legitimate supplier based in Shanghai, China. The email requested that the company redirect the payment to the new bank account, which was allegedly linked to the supplier’s business.

Investigation and Outcomes

However, the managing director of the local entity reportedly referred the matter to the Hong Kong Police, and a report has been issued to the Financial Intelligence Unit (FIU) for further investigation into the alleged beneficiary of the funds. The FIU has identified several potential offenses, including electronic fraud and business email compromise.

Importance of Vigilance

This incident highlights the importance of vigilance in business transactions, particularly when dealing with international suppliers or clients. Companies must remain vigilant against fraudulent schemes and take steps to protect their financial interests.

Other Suspicious Transactions Report

The FIU has also reported on several other suspicious transactions that have been brought to its attention. These include cases of:

  • Money laundering
  • Tax evasion
  • Illegal foreign investments

Examples of Suspicious Transactions

In one case, a customer deposited old design hundred dollar bills amounting to $10,000.00 into their bank account. The husband was also identified conducting similar deposits into his own account.

Another case involved a director of a company sending funds to Burma with a narration stating that the payment was for medical purposes.

Need for Increased Awareness and Cooperation

These incidents demonstrate the need for increased awareness and cooperation between businesses, financial institutions, and law enforcement agencies to combat financial crime.

Source

Fiji Financial Intelligence Unit (FIU), Strategic Analysis Report 2016.