A global stop-payment mechanism developed by INTERPOL has enabled Singapore authorities to recover the largest amount of funds ever lost in a business email compromise scam.
On July 23, 2024, a commodity firm in Singapore reported to the police that they had been scammed by a business email compromise, where a scammer impersonates or gains access to a business email account to trick employees into transferring money.
On July 15, the firm received an email from a supplier requesting a pending payment be sent to a new bank account in Timor Leste. Unfortunately, the email was from a fraudulent account that slightly altered the supplier’s official email address. Unaware of the deception, the firm transferred USD 42.3 million to the fake supplier on July 19, realizing the scam only four days later when the genuine supplier reported not receiving the payment.
Upon receiving the report, the Singapore Police Force (SPF) quickly sought assistance from Timor Leste authorities using INTERPOL’s Global Rapid Intervention of Payments (I-GRIP) mechanism. I-GRIP leverages INTERPOL’s 196-country police network to expedite requests for assistance in financial crime cases.
On July 25, the SPF’s Anti-Scam Centre confirmed that USD 39 million had been detected and withheld from the fake supplier’s bank account in Timor Leste. Furthermore, follow-up investigations by Timor Leste authorities led to the arrest of seven suspects involved in the scam and the recovery of more than USD 2 million. Efforts are now underway to return the stolen funds to the Singaporean firm.
Isaac Oginni, Director of INTERPOL’s Financial Crime and Anti-Corruption Centre (IFCACC), highlighted the importance of speed in intercepting online scam proceeds. “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 fraud victims and identify the perpetrators.”
This case underscores the effectiveness of international collaboration and rapid response in combating global financial crimes.
