"CEO fraud": scheme attempted to divert 50 million from Zurich company in Portugal
An investigation by the Judicial Police led to the detention of 11 people suspected of attempting to divert 50 million euros from a Zurich insurance company, through a computer fraud scheme known as "CEO fraud".
"CEO fraud": scheme attempted to divert 50 million from Zurich company in Portugal
An operation by the Judicial Police resulted in the detention of 11 individuals, accused of criminal association and qualified fraud. The group allegedly attempted to withdraw 50 million euros from a company linked to the Zurich insurance company, in which Santander also holds a stake.
The scheme used so-called "CEO fraud", a type of cybercrime in which someone impersonates a leader of an organisation and induces a subordinate to carry out fraudulent financial transfers without the victim realising the deception.
In this specific case, the president of the targeted company was convinced to make transfers, believing he was complying with legitimate orders. The investigation took place in Portugal and involved an entity with links to the insurance sector.
Source: Público
Source: Público