Another Business Email Compromise

Export company’s email ID hacked, $36.8k siphoned off

Export company’s email ID hacked, $36.8k siphoned off

Bengaluru: Tech-savvy fraudsters allegedly hacked the official email ID of a citybased fruits and vegetables export company and siphoned off $36,800 that customers owed the firm.

In his complaint to the cybercrime police station attached to the Criminal Investigation Department (CID), Nikhil Menon, an executive of IQF Foods Private Limited, HRBR Layout, northeast Bengaluru, said the fraud was committed between October 31and November 9.

Cybercrime police sourcessaidthecompany’s official email ID — office@iqffoods.com — was hacked by the criminals, who used to contact the firm’s customers based in the US and Europe. The mailer asked the customers to deposit their dues to the Benglauru firm in a newly opened bank account in the US instead of the account where they’d usually deposit money“According to the complainant, the fraudsters succeeded in convincing the customers to deposit money in an account opened in the US in the name of Simple Investments. The customers deposited $36,800 (Rs 23,55,200) in this account,” a police officer said.

The Bengaluru firm learnt about the fraud only when it began following up on payment of dues with their customers. The firm learnt that its email ID was hacked and the customers were contacted through it.

The firm approached cybercrime police on November 17. Police registered a case under various sections of IPC and Information Technology Act 2000.

“We have sought more information from the company, including how many customers deposited money in the US account and other details for further investigation,” a police officer said.

Police said IQF Foods was established by a Keralabased businessman and the company has a quick freezing process unit in Kolar district. It exports Indian fruits and vegetables to several customers globally, especially in the US, West Asia, Europe and Canada.

Times of India - Bangalore Edition - 21 Nov 2017