Estonian companies lost hundreds thousands of euros from fraud with fakeaccounts

In November last year the Department of the State Information System (RIA) received reports of four cases of fraud with fake accounts, total damage from which was about

about 300 thousand euros. Money. Picture

illustrative. Photo: Elmo Riig

Translation: Valeria Ermakova

4 February 2025, 18:04

In November last year the Department of the Government Information System (RIA) received reports of four cases of fraud with fake accounts, total

damages from which totaled about 300 thousand euros.

Fraud with fake accounts is a very common type of scam, in which a company or institution is sent a fake account in the name of its partner. This account usually is distinguished from the real institution only with changed bank requisites, which makes fraud easy to pull off. The company, unsuspecting, transfers money to the criminals, and its partner remains waiting for payment.

This type of fraud is difficult to recognize, as the criminals often intercept real correspondence, giving the victim the impression that she is continuing to communicate with her businesspartner.Butchangingthebank’srecordsisnotthemostcommonpractice,anditshouldraisesuspicion.

Shehaschangedthebank’s credentials.

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