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The employee's inattention resulted in a major loss.
A major chemical company from Luxembourg Orion SA lost $60 million as a result of fraud with bank transfers.
In a statement to the U.S. Securities and Exchange Commission (SEC), Orion SA described the incident as resembling a business correspondence compromise (BEC) scheme. Although the term was not mentioned directly, the nature of the incident suggests this type of fraud.
According to a statement from Orion SA, the incident occurred on August 10, when one of the company's employees became the victim of a fraudulent scheme, as a result of which several fraudulent money transfers were made to accounts belonging to unknown third parties. It is important to note that the company's systems were not hacked, and the data was not compromised.
Orion SA has already notified the law enforcement agencies and plans to use all possible resources to recover the stolen funds, including insurance payments. The investigation of the incident is ongoing, and the company continues to assess the impact of the incident on its internal processes and security.
BEC attacks are often associated with forgery of trusted email addresses, such as the addresses of suppliers with whom the victim company's accounting department regularly makes large financial transfers. Scammers carefully study the victim and her partner to make the deception as convincing as possible.
Source
A major chemical company from Luxembourg Orion SA lost $60 million as a result of fraud with bank transfers.
In a statement to the U.S. Securities and Exchange Commission (SEC), Orion SA described the incident as resembling a business correspondence compromise (BEC) scheme. Although the term was not mentioned directly, the nature of the incident suggests this type of fraud.
According to a statement from Orion SA, the incident occurred on August 10, when one of the company's employees became the victim of a fraudulent scheme, as a result of which several fraudulent money transfers were made to accounts belonging to unknown third parties. It is important to note that the company's systems were not hacked, and the data was not compromised.
Orion SA has already notified the law enforcement agencies and plans to use all possible resources to recover the stolen funds, including insurance payments. The investigation of the incident is ongoing, and the company continues to assess the impact of the incident on its internal processes and security.
BEC attacks are often associated with forgery of trusted email addresses, such as the addresses of suppliers with whom the victim company's accounting department regularly makes large financial transfers. Scammers carefully study the victim and her partner to make the deception as convincing as possible.
Source
