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Wire Transfer Fraud

Fri October 30, 2015

The Saint John Police Force Fraud Section is currently investigating reports of wire transfer fraud.

This involves a business being contacted through email from compromised email accounts and requesting a wire transfer of funds to an external account. The criminals either use the existing email address or slightly change the email address by adding or supplementing a number or letter to pose as a member of the businesses management team requesting the transfer.

Criminals previously targeted banks, brokerage firms or credit unions in this scam but now appear to be targeting employees responsible for financial transactions. Once the business conducts the wire transaction the funds are typically layered through a series of complex transactions designed to shield the identity of the account holders and make tracing the funds extremely difficult.

Staff Sergeant Tony Hayes
Saint John Police Force