SUNCITY

Fijian Firms Lose Thousands Of Dollars Through Cyber Crime

Reserve Bank of Fiji’s director of Financial Intelligence Unit Razim Buksh says Fijian companies have lost thousands of dollars in cyber deception. Speaking at the closing day of the 17th
13 Dec 2015 18:58
Fijian Firms Lose Thousands Of Dollars Through Cyber Crime
RBF’s director of the Financial Intelligence Unit, Razim Buksh. Photo: DEPTFO News

Reserve Bank of Fiji’s director of Financial Intelligence Unit Razim Buksh says Fijian companies have lost thousands of dollars in cyber deception.
Speaking at the closing day of the 17th Attorney-General’s Conference at the InterContinental Fiji Golf Resort and Spa, he said: “We live in a world that is heavily reliant and hooked on the Internet; Home & office PCs, laptops, smart phones and other mobile smart devices are all connected to the internet in this ‘age of cyber technology’.”

Some Cases of Cyber Crime
• 2013: Suva company lost US$65,000 to cybercriminal in a single remittance transaction for purchase of soft goods from Taiwan. Payment was diverted to UAE and then to India .
• 2013: Suva company lost US$44,000 to cybercriminal in 3 transactions for purchase of raw materials from China & Belgium. Payments were diverted to UK;
• 2014: Savusavu company lost NZ$58,000 to cybercriminal in a single transaction for purchase of an excavator from NZ. Payment was diverted to Scotland;
• 2014: Suva based agency lost US$101,000 to cybercriminal for purchase of clothing from Israel. Payment diverted to UK;
• 2014: Suva company lost US$10,000 to cybercriminal a single transactions for purchase of industrial spare parts from China. Payment was diverted to another company in China;
• 2015: Nausori company lost US$13,000 to cybercriminal for purchase of food/supermarket products from Pakistan. Payment was diverted to UK;
• 2015: Suva company lost US$14,000 to cybercriminal for purchase of m/v spare parts and tyres from China. Payment diverted to another company in China;
• 18 cases of Cyber laundering through email spoofing investigated by the FIU in 2013 – 2015;
• 4 attempted cases: F$300,000;
• 1 case of recovery of stolen funds: F$60,000;
• 13 cases of stolen funds: F$724,000

Cyber Crime-How It Works
• Important business, corporate, and commercial transaction decisions are made over emails;
• Use of innovative and sophisticated techniques by cybercriminals;
• Money laundering is committed from home as cyberspace is a borderless network;
• This has created an enabling platform for one to cover the globe within a matter of seconds
• Distance has become irrelevant with the expansion of the Internet across the whole world;
• Internet-based offences, such as fraud, phishing, spoofing, trafficking in Internet bank accounts, gambling, and ID theft and pornography may generate Internet-based proceeds of crime, the laundering of which starts on the Internet

Editing by: Ranoba Baoa
Feedback: nemani.delaibatiki@fijisun.com.fj

Fiji Sun Instagram
Fiji Plus
Subscribe-to-Newspaper
error: