Wealth Fund Loses $10 million in "data breach"


In April 2020, the world's largest sovereign wealth fund discovered that they had been defrauded of over $10 million after falling victim to a business email compromise scam during communications about a transfer which was intended for a micro-finance institution in Cambodia in March.

The sophisticated scheme involved spoofing email addresses, fabricating payment information and then directing the stolen cash into a bank account controlled by the attackers. Allegedly the diverted funds were channeled into a bank account in Mexico under the same name as the micro-finance institution.

The delay in detection was linked to the pandemic, the attacker changed expectations as to when the money would arrive by sending the micro-finance company an email falsely attributing any delays in receipt of funds to the COVID-19 lockdowns.

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Courtenay Brammar

Experienced global enterprise risk and governance professional. Previously Vice President at Morgan Stanley, Deloitte Risk Advisory practitioner and PRMIA steering committee member in both London and New York.

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