Monday, May 16, 2016

Even the Megacorporations can be defrauded

While it is very common to read reports of individuals falling victim to fraudulent internet and email schemes, it is much less common to hear of businesses being scammed, especially very large businesses. But apparently that has happened with LG Chem and Saudi Aramco (the latter arguably be the largest company in the world). Plastemart reported last week that LG Chem was supposed to wire $21 million to Aramco as payment for some petroleum distillates that they had ordered. But things fell apart when LG Chem received an email detailing a "new" account number to wire the money too. The "new" account, as you might now guess, was not an account that belonged to Aramco.

This reeks of an inside job - someone not only had access to Aramco's email system but also knew that LG Chem was supposed to be making the payment, so the list of suspects is probably pretty short.

We've not actually seen the email that LG Chem claimed they received, so we just have to trust that the letter did indeed supply a new account number. OR maybe, just maybe, it might have started like this:
"Dear LG Chem,

You may not believe your luck, but I am His Royal Highness, Sheikh Abdul al Abdul and I have $773 millions dollars in a Nigerian bank account and I urgently need your help..."

Previous Years

May 16, 2014 - The New Wonder Polymer

May 16, 2013 - Buy & Selling Division in the Polymer Industry

May 16, 2012 - Time to Test My Beliefs

May 16, 2011 - Updating the Blogroll

May 16, 2011 - Definitely Updating the Blog Roll

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