Poland’s Banks Reveal Shocking Embezzlement Scams

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Despite being dubbed “president’s fraud” or “fraud by false transfer order”, embezzlement scams continue to wreak havoc on companies across Poland, with many falling prey to cunning scammers. The country has become a notorious transit point for embezzled funds, with unsuspecting businesses losing millions.

How Do These Scams Work?

Criminals typically pose as top executives of the target company, urging an employee in the accounting or finance department to make an urgent international bank transfer for a supposedly confidential transaction. These requests are often met without being noticed due to the scammers’ meticulous preparation.

Here are some common tactics used by fraudsters:

• Studying the Target Company: Criminals spend months studying the target company’s organization, using information found online and published by the company itself.
• Intercepting Signatures: They may even intercept the signature of the director on official documents or introduce an accomplice within the company to gain a deeper understanding of its operations.
• Creating Authentic Emails: Scammers hack into the target company’s manager’s email mailbox and send messages from an allegedly legitimate executive address. In many cases, they create an email address so similar to the original that even the recipient may believe it is genuine.

Variations of the Scam

The fraud can also be operated directly over the phone, with well-prepared criminals mimicking the voice and speaking style of the executive they are impersonating. The use of familiar phrases or words can make it just as easy for employees to fall victim to these scams.

Some variations of this scam include:

• Supplier or Contractor Scams: Individuals pretending to be suppliers or contractors requesting changes to bank accounts.
• Technician Scams: “Technicians” updating software and requiring test transfers.
• Executive Scams: Executives conducting confidential transactions and asking employees not to reveal them.

The Final Destination

The final destination of these transfers is often a remote country, but the first transfer is frequently made to Poland to avoid raising suspicion. As a result, it is crucial for businesses to remain vigilant and educate their employees on how to identify and prevent these scams.

Prevention Tips

To avoid falling victim to these scams:

• Verify All Requests: Always verify all requests for bank transfers with the executive or manager who allegedly made the request.
• Be Cautious of Urgency: Be wary of requests that create a sense of urgency, such as “this is an emergency” or “this must be done today”.
• Watch Out for Suspicious Emails: Be cautious of emails that seem unusual or use poor grammar and spelling.
• Educate Employees: Educate your employees on how to identify and prevent these scams.