A police press release on the matter did not identify the specific banks hit by the wire transfer fraudsters.
According to police, scam victims have sent legitimate wire instructions to respective banks via email requesting wire transfers to various parts of the world.
Once that private information is provided, computer hackers can come into possession of bank account numbers, bank balances, scanned signatures and other confidential information. The hackers/fraudsters then send subsequent emails from the victim’s email account instructing the local banks to wire further funds to various destinations.
The Financial Crime Unit believes hundreds of thousands of dollars have been fraudulently wired from the Cayman Islands to the US, Hong Kong, Singapore, Malaysia, Denmark and other jurisdictions. By the time attempts are made to recall the fraudulent wires, the funds have been collected and it is too late.
According to a statement on the matter from police: “The Financial Crime Unit does not recommend sending banking details via email. A telephone call to the bank could save hundreds of thousands of dollars and heartache in the long run.”