Cash & Liquidity ManagementCash ManagementPhisher duped two US tech firms in US$100m scam

Phisher duped two US tech firms in US$100m scam

A Lithuanian scammer was able to trick two US tech companies into wiring him tens of millions of dollars.

The US Department of Justice (DoJ) has revealed an indictment against a Lithuanian scammer, who successfully duped two US technology companies via fraudulent e-mails into wiring him more than US$100m.

The scammer, Evaldas Rimasauskas, persuaded the two companies –  identified only as a multinational technology company and a multinational online social media company – that he was a prominent Asian hardware manufacturer and tricked employees into depositing tens of millions of dollars into bank accounts in Latvia, Cyprus, and other countries.

He was able to create fake contracts on forged company letterhead, fake bank invoices and other apparently official documents to convince employees of the two companies to send him money.

“This case should serve as a wake-up call to all companies – even the most sophisticated – that they too can be victims of phishing attacks by cyber criminals,” commented acting US attorney Joon H. Kim.

“This arrest should serve as a warning to all cyber criminals that we will work to track them down, wherever they are, to hold them accountable. The charges and arrest in this case were made possible thanks to the terrific work of the Federal Bureau of Investigations (FBI) and the cooperation of the victim companies and their financial institutions.”

Rimasauskas was first indicted last December, but the DoJ has now released the documents after arresting him last week. He has been charged with one count of wire fraud, three counts of money laundering, and aggravated identity theft, with each charge of wire fraud and laundering carrying a maximum prison sentence of 20 years.

Related Articles

Cash management systems on the rise in SME sector

Cash Management Cash management systems on the rise in SME sector

1w Abi Millar
Make way for the millennial accounts payable activist

Accounts Payable Make way for the millennial accounts payable activist

1m Nilay Banker
Rising rates put pressure on accuracy of cash forecasts

Cash Management Rising rates put pressure on accuracy of cash forecasts

4m Conor Deegan
Burn those spreadsheets - and 4 other ways that treasurers can help their CFOs sleep better

Automation Burn those spreadsheets - and 4 other ways that treasurers can help their CFOs sleep better

4m Bob Stark
How to forecast cash flow: what software should I use?

Cash Forecasting How to forecast cash flow: what software should I use?

4m Michael McCaw
What is the function of corporate treasury?

Cash Management What is the function of corporate treasury?

4m Michael McCaw
China’s regulatory changes stimulate international interest

Asia Pacific China’s regulatory changes stimulate international interest

5m Michael McCaw
Treasury TV: Jill Harrison, Whitbread Plc

10 Minutes With The Treasury Treasury TV: Jill Harrison, Whitbread Plc

5m Victoria Beckett