Chennai businessman duped of Rs 2 crore after getting spoof email

India is currently battling the rising threat of online scams. In recent years, thousands of individuals have lost lakhs and crores to cyber fraudsters. These scammers continuously devise new tactics to deceive people, luring them with promises of earning more money or tricking them through phishing and spoofing schemes, where victims ultimately lose significant amounts. The latest victim of such a scam is a Chennai-based business, defrauded of Rs 2 crore through an elaborate email spoofing scam.
In this case, the scammers targeted a trading firm called Agrigo Trading Private Limited in Chennai. According to a report by the Times of India, on September 26, the company’s general manager received an email that appeared to be from a legitimate supplier, continuing an ongoing business conversation. The email even included a proforma invoice and banking details for a payment of US Dollars 238,500 (around Rs 2 crore) to be transferred to a Regions Bank account in the USA.
Believing the email to be genuine due to the context of the business deal, the manager processed the payment via NEFT through the State Bank of India. It was only when the company followed up with the actual supplier the next day that they realised the email had been spoofed and that they had fallen victim to a scam.
Upon discovering the fraud, the company swiftly lodged a complaint through the National Cyber Crime Reporting Portal. The State Cyber Crime Investigation Centre registered the case and, in coordination with the Ministry of Home Affairs and Regions Bank in the USA, traced the funds. Thanks to prompt action, the authorities were able to recover the entire amount. However, the incident serves as a stark warning about the sophisticated ways cybercriminals use to deceive people. Vigilance is crucial.
Cyber authorities have urged the public to be extra cautious when conducting financial transactions via email. Both individuals and businesses are encouraged to verify email authenticity, especially when dealing with large sums.
What is spoof email?
A spoofed email is a type of fraudulent or phishing email where the sender’s address is faked to appear as if it comes from a legitimate or trusted source. In the above case, the details in the email also were related to the ongoing business. The scammer’s create such spoof emails to deceive recipients into believing the message is authentic and trick them into revealing sensitive information, transferring money, or clicking on malicious links. Email spoofing is usually seen in business setups as scammers get details around a business partnership’s payments and so on.
To avoid falling victim to such scams, here are some safety tips:
– Always double-check the sender’s email address before replying.
– Also if you are confused, check the email content. Look out for unusual language, grammatical errors or urgent requests which ask to reply urgently or pay money are usually a scam.
– Additionally, if you are engaging in a monetary transaction, verify payment details directly with the supplier.
-In case you encounter a fraudulent email, report any suspicious cyber activity to the Cyber Crime Toll-Free Helpline ‘1930’ or the National Cyber Crime Reporting Portal at cybercrime.gov.in.