On Monday, Ras Al Khaimah Police arrested three people involved in a phishing scam that siphoned off over a million dollars (€281,000). The accused posed as representatives of a firm with which the victim company had prior business ties.
In explaining the details of the case, Colonel Tariq Mohammed bin Saif, Director General of Police Operations at Ras Al Khaimah Police, explained that the incident came to light after the company reported the e-phishing incident. An elaborate e-phishing operation resulted in a significant financial loss for this company.
As Colonel Tariq explained in detail the cybercrime's methodology, an individual switched identities to initiate e-mail correspondence with the victim company, allegedly finalizing an agreement relating to ongoing business dealings. The criminals then gained unauthorised access to the company's e-mail system by hacking into it. In addition to purchase records and banking transactions, they combed through the company's e-mail contents. The perpetrator took immediate action upon discovering an ongoing sale agreement with another company involving substantial money. A fraudulent e-mail account was created that closely resembled the genuine domain of the supplier.
The account mimicked the official communication channel of the supplier. For all future bank transfers related to sales, they wanted to use the new account. After transferring the money for the purchase process, the company waited for their supply to arrive. Several days after the completion of the transaction, the supplier company failed to fulfill the agreement, and they did not receive any payment. Upon realizing they had been phished, the company immediately rushed to the nearest police station.
Immediately after the case was registered, a team from the Department of Investigations and Criminal Investigators was formed. Through research and screening, the task force tracked down the accused and successfully located the perpetrators. The accused were discovered in another emirate when an anonymous source noticed a large transaction into the suspected bank account. Together with Dubai Police, the RAK Police team reached the location and apprehended the criminals. To initiate legal proceedings against the accused, the police transferred them to specialized authorities.
Community members and businesses are urged to exercise caution when initiating transactions and bank transfers for agreed-upon amounts with other parties. It is important for people to verify the identity of company representatives through telephone conversations or in-person meetings before transacting with them.
Fraudsters have become increasingly sophisticated in their tactics and often accuse their victims of fabrications, such as closing bank accounts, altering account details, or replacing them with new ones. It is the intention of these fraudulent claims to mislead individuals or organisations and cause them financial harm.
Cyber frauds, including e-mail phishing, have surged in Ras Al-Khaima, according to Major General Ali Abdullah bin Alwan Al-Nuaimi, Ras Al-Khaima Police Chief.