INTERPOL: International Police Recover Over USD $40 million from International Email Scam Gang
Singapore & Timor Leste Police Make a Major Bust
Primary Category: Crimes & Criminals
Authors:
• SCARS Editorial Team – Society of Citizens Against Relationship Scams Inc.
• INTERPOL
INTERPOL: International Police Recover Over USD $40 million from International Email Scam Gang
Singapore authorities make record recovery thanks to cooperation with Timor Leste through INTERPOL
A global stop-payment mechanism developed by INTERPOL has helped Singapore authorities make their largest-ever recovery of funds defrauded in a business email compromise scam.
On 23 July 2024, a commodity firm based in Singapore filed a police report stating that they had fallen victim to a business email compromise scam, in which a scammer obtains access to or impersonates a business email account to deceive employees into transferring money to their bank account.
On 15 July, the firm received an email from a supplier requesting that a pending payment be sent to a new bank account based in Timor Leste. The email, however, came from a fraudulent account spelled slightly differently from the supplier’s official email address.
Unaware, the firm transferred USD 42.3 million to the fake supplier on 19 July, only discovering the crime four days later when the genuine supplier said it had not been paid.
On receipt of the police report, the Singapore Police Force (SPF) swiftly requested assistance from authorities in Timor Leste through INTERPOL’s Global Rapid Intervention of Payments (I-GRIP) mechanism.
I-GRIP uses the global police organization’s 196-country police network to speed up requests for assistance in financial crime cases.
On 25 July, the SPF’s Anti-Scam Centre received confirmation that USD 39 million was detected and withheld from the fake supplier’s bank account in Timor Leste.
Moreover, Timor Leste authorities arrested a total of seven suspects in relation to the scam through follow-up investigations, leading to the further recovery of more than USD 2 million. Steps are being taken for the return of the stolen funds to the victim in Singapore.
Isaac Oginni, Director of INTERPOL’s Financial Crime and Anti-Corruption Centre (IFCACC), said:
“Speed is crucial to successfully intercepting the proceeds of online scams, with police, financial intelligence units and banks cooperating across multiple jurisdictions in a race against time.
“The cooperation between authorities in Singapore and Timor Leste in this case was exemplary and demonstrates how quick action through INTERPOL can help recover funds taken from the fraud victims and identify the perpetrators.”
Global Threat
David Chew, Director of the SPF’s Commercial Affairs Department, said:
“Scams are a global threat that requires a global response from law enforcement. Today, money moves at the click of a button, and law enforcement must be able to move as fast to protect our citizens. We commend the swift and decisive action of INTERPOL’s Financial Crime and Anti-Corruption Centre, which played a pivotal role in the prompt interception of more than USD 40 million.”
Since its launch in 2022, INTERPOL’s I-GRIP mechanism has helped law enforcement intercept hundreds of millions of dollars in illicit funds.
During its pilot phase, I-GRIP was pivotal in helping several countries recover funds transferred to fraudsters in the early years of the COVID-19 pandemic, including the interception of USD 3.4 million transferred from an Italian company in September 2020 for non-existent medical equipment in Indonesia.
In a 2024 INTERPOL operation, police used I-GRIP to intercept USD 331,000 in a business email compromise fraud involving a Spanish victim who transferred money to Hong Kong, China.
INTERPOL is encouraging businesses and individuals to take preventative steps to avoid falling victim to business email compromise and other social engineering scams. For more information and resources, visit our website: https://www.interpol.int/Crimes/Financial-crime
Timeline of a Scam
|
15 July |
Singapore firm receives scam email from fake supplier |
|
19 July |
Firm transfers USD 42.3 million to the fake supplier via a bank account in Timor Leste |
|
23 July |
Firm discovers the fraud after genuine supplier reports not being paid and files police report in Singapore; Singapore Police Force reaches out to INTERPOL |
|
24 July |
Singapore receives confirmation via INTERPOL that more than USD 39 million was intercepted thanks to cooperation with Timor Leste authorities |
|
24-26 July |
Timor Leste authorities arrest several suspects and recovers additional USD 2 million |
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Important Information for New Scam Victims
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- SCARS Institute now offers a free recovery program at www.SCARSeducation.org
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Statement About Victim Blaming
Some of our articles discuss various aspects of victims. This is both about better understanding victims (the science of victimology) and their behaviors and psychology. This helps us to educate victims/survivors about why these crimes happened and to not blame themselves, better develop recovery programs, and to help victims avoid scams in the future. At times this may sound like blaming the victim, but it does not blame scam victims, we are simply explaining the hows and whys of the experience victims have.
These articles, about the Psychology of Scams or Victim Psychology – meaning that all humans have psychological or cognitive characteristics in common that can either be exploited or work against us – help us all to understand the unique challenges victims face before, during, and after scams, fraud, or cybercrimes. These sometimes talk about some of the vulnerabilities the scammers exploit. Victims rarely have control of them or are even aware of them, until something like a scam happens and then they can learn how their mind works and how to overcome these mechanisms.
Articles like these help victims and others understand these processes and how to help prevent them from being exploited again or to help them recover more easily by understanding their post-scam behaviors. Learn more about the Psychology of Scams at www.ScamPsychology.org
SCARS Resources:
- Getting Started: ScamVictimsSupport.org
- FREE enrollment in the SCARS Institute training programs for scam victims SCARSeducation.org
- For New Victims of Relationship Scams newvictim.AgainstScams.org
- Subscribe to SCARS Newsletter newsletter.againstscams.org
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- Find competent trauma counselors or therapists, visit counseling.AgainstScams.org
- Become a SCARS Member and get free counseling benefits, visit membership.AgainstScams.org
- Report each and every crime, learn how to at reporting.AgainstScams.org
- Learn more about Scams & Scammers at RomanceScamsNOW.com and ScamsNOW.com
- Learn more about the Psychology of Scams and Scam Victims: ScamPsychology.org
- Self-Help Books for Scam Victims are at shop.AgainstScams.org
- Donate to SCARS and help us help others at donate.AgainstScams.org
- Worldwide Crisis Hotlines: International Suicide Hotlines – OpenCounseling : OpenCounseling
- Campaign To End Scam Victim Blaming – 2024 (scamsnow.com)
Psychology Disclaimer:
All articles about psychology and the human brain on this website are for information & education only
The information provided in this and other SCARS articles are intended for educational and self-help purposes only and should not be construed as a substitute for professional therapy or counseling.
Note about Mindfulness: Mindfulness practices have the potential to create psychological distress for some individuals. Please consult a mental health professional or experienced meditation instructor for guidance should you encounter difficulties.
While any self-help techniques outlined herein may be beneficial for scam victims seeking to recover from their experience and move towards recovery, it is important to consult with a qualified mental health professional before initiating any course of action. Each individual’s experience and needs are unique, and what works for one person may not be suitable for another.
Additionally, any approach may not be appropriate for individuals with certain pre-existing mental health conditions or trauma histories. It is advisable to seek guidance from a licensed therapist or counselor who can provide personalized support, guidance, and treatment tailored to your specific needs.
If you are experiencing significant distress or emotional difficulties related to a scam or other traumatic event, please consult your doctor or mental health provider for appropriate care and support.
If you are in crisis, feeling desperate, or in despair please call 988 or your local crisis hotline.
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