November 15, 2021

Commercial companies losing millions in business e-mail scams

Commercial companies are losing millions of euros to scammers who are sending e-mails, posing as chief executive officers or suppliers and requesting urgent payments, often running into tens of thousands of euros.

The police were receiving reports of such business e-mail compromise scams “on a weekly basis”, according to Inspector Timothy Zammit, from the police cybercrime unit.

Scammers were targeting large companies and defrauding them of between €100,00 and €250,000 each, with the largest scam so far running into millions.

Two types of these scams have been reported to the police.

The first was the CEO scam, in which a company official received an urgent e-mail from a scammer pretending to be the company CEO requesting an urgent transaction.

In some cases, scammers ask for same day transactions

In such cases, scammers either recreated an e-mail address similar to that of the company CEO or actually hacked into the CEO’s…

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