August 6, 2024 at 12:12PM
INTERPOL introduced a “global stop-payment mechanism,” aiding recovery of funds in the largest-ever business email compromise (BEC) scam. A Singaporean firm lost $42.3 million to a fraudulent supplier but through INTERPOL’s mechanism and arrests, $39 million was recovered. Additionally, a cryptocurrency exchange, Cryptonator, and its founder face indictments for alleged criminal activities.
Key Takeaways from the Meeting Notes:
– INTERPOL has developed a “global stop-payment mechanism” that facilitated the recovery of funds defrauded in a business email compromise (BEC) scam.
– An unnamed commodity firm in Singapore fell victim to a BEC scam, resulting in the transfer of $42.3 million to a non-existent supplier.
– INTERPOL’s Global Rapid Intervention of Payments (I-GRIP) mechanism helped authorities in Singapore detect and freeze $39 million in the counterfeit bank account, leading to the recovery of $2 million.
– Seven suspects have been arrested in connection with the BEC scam in Singapore.
– I-GRIP has been instrumental in intercepting hundreds of millions of dollars in illicit funds since its launch in 2022.
– The law enforcement seized an online digital wallet and cryptocurrency exchange, Cryptonator, for allegedly receiving criminal proceeds and failing to institute appropriate anti-money laundering controls.
– TRM Labs noted that Cryptonator facilitated transactions related to darknet markets, ransomware groups, and sanctioned addresses.
– The Check Point report found that fraudsters are leveraging legitimate blockchain protocols like Uniswap and Safe.global to conceal their malicious activities and siphon funds from cryptocurrency wallets.
Would you need any further details on these takeaways?