Singapore Universities, Government Agencies Lose $749K In Scams

Cyberthwaris posted as government agencies and universities in Singapore stole $ 749,000 worth of items after providing the trucking agencies. The Straits Times, a Singapore-based newspaper, reported that police had received about 11 reports of a purchase order (PO) scandal since August. Companies are emails sent from the email address of the generic collection. Products requested include electronics, treatment devices such as automatic external defibrillators, IT-related items, and laser projectors. After the sales company agreed to ship the items, a pseudo PO was sent to the firm, but no payment was made.

Investigators said they found supply addresses in POs to forward goods to Scotmars in the United Kingdom and Nigeria on a regular basis by freight forwarding companies, the newspaper reported. Like many cybercriminals, these thieves used slightly different email addresses than the domain names used by government agencies and schools.

“While people are scared about their health and finances, con artists are having a field day,” Lucy Baker, a consumer program collaborator with the U.S. People’s PIRG Education Fund, told CNBC. "We all need to be vigilant. Pause first before clicking. Do your research and ask yourself if the website, email, text, direct message or call is valid. Be careful about transferring your money or personal information. "

A police spokesman said that in case of suspicion, companies should verify the sender's domain name and call the company to its official contact number instead of the name provided in the email. Investigators also suggested looking for indicators such as spelling errors and delivery addresses, such as private residences, freight forwarding agencies, or self-storage facilities. Singapore is not the only country dealing with online theft. The Federal Trade Commission (FTC) reported last month that more than 200 million Americans associated with the COVID-19 epidemic have lost $ 145 million since the beginning of the year. Fraud has increased during the coronavirus, leaving the door wide open for scammers to move hugely to digital. Also, many people were banking online for the first time and may be unaware of the warning signs for fraud.

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