Funds fly, fly away

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Funds fly, fly awayHong Kong police have collared a Chinese fraudster who used ‘business email compromise’ (also referred to as a ‘fake president/CEO scam’) to con a leading Austrian aero-components manufacturer out of a whopping 42 million Euros.

Along with ransomware, this form of scam is now the fastest growing cyber security threat to international business. The business has had to write off the loss of its funds as irretrievable – a stark warning to all of the financial risk of these scams.

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