A Dubai firm lost AED194,700 following an email hack that tricked one of its clients to wire funds onto a different overseas account.
According to Gulf News, a cybercriminal had hacked into this firm’s email, studying it through and through- resulting in the loss of US$53,000. Employees and the CEO of the firm, Cheers Exhibition, stationed in Al Quoz 2 said this was not your ordinary email hack- but one that was well thought-out.
The firm found out after one of its clients asked to confirm about the account
The cybercriminal had been going through other contracts, with outstanding payments.
Although the criminal did not use the direct email address of the company, the person did study the company and all its operations throughout- and created a spoof email address, that looked a lot like theirs.
At the moment, it seems there is no chance of retrieving the funds as the fraudster had it transferred to an account in Finland where an account in the Dubai firm’s name had been created.
However; there are ways to prevent cybercrime hacking, for other firms in Dubai to know.