Singapore: A Singapore-based petrochemical company has recovered US$12.8 million (approximately S$16.4 million) after falling victim to a business email scam involving fraudulent payment instructions and a bank account in Cambodia, Singapore police said on Thursday.
The recovery was achieved through coordinated efforts by the Singapore Police Force’s (SPF) Cyber Command, the Cambodian National Police and OCBC bank.
According to preliminary investigations, the company received an email on October 1, purportedly from its business counterpart, requesting a change in payment details. The revised instructions directed the company to transfer funds to a different bank account.
Although the company noticed inconsistencies in the payment documents, the scammers allegedly reinforced the deception by supplying an authorisation letter bearing the business counterpart’s signature and company stamp. The documents made the revised instructions appear genuine.
The company subsequently transferred US$12.8 million to the new account on October 13. The fraud came to light when the business counterpart informed the company on Monday that the payment had not arrived. The company then reported the incident to the police.
Following the complaint, SPF’s Cyber Command worked with Cambodian law enforcement and coordinated with OCBC to trace the funds and facilitate their recovery. Authorities ultimately recovered the entire amount from the fraudulent account.
The case highlights how business email compromise scams exploit trusted commercial relationships and manipulated payment instructions to divert substantial sums of money.
The Singapore Police Force urged businesses to strengthen safeguards against such fraud. Recommended measures include independently verifying any changes to payment details, educating employees about email-based threats and deploying email protection software.
Businesses should confirm payment changes through a separate, trusted communication channel rather than relying solely on email correspondence, particularly when instructions involve transferring large sums to unfamiliar bank accounts.
