Scammers cheated Norwegian investment fund for $ 10 million

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Fraudsters manipulated the exchange of information between Norfund and the borrowing institution.

Fraudsters tricked Norwegian investment fund Norfund, as a result of which the company transferred the amount of $ 10 million intended for the Cambodian microfinance organization to the account of the attackers.

The incident occurred on March 16, but the company only discovered it on April 30, when cybercriminals made another attempt to hack Norfund systems.

After the incident was discovered, the company allocated “significant resources” to verify internal procedures and control measures, and works closely with the police, DNB ASA financial group and the Norwegian Ministry of Foreign Affairs during the investigation to recover the stolen funds.

“Fraudsters manipulated the exchange of information and falsified communication between Norfund and the borrowing institution so that the criminal scheme did not arouse suspicion. Documents and details were falsified, ”a Norfund spokesman said.

Norfund is an investment fund for small and medium-sized enterprises in developing countries. The fund is owned and funded by the government of Norway.