The International Criminal Police Organization (INTERPOL) held a three-day meeting last week discussing how to better coordinate various agencies in combating worldwide cybercrime.
The meetings included 67 participants from 30 different countries, including 10 private sector companies.
A main point of emphasis of the meetings was the compromising of business email and two main variants — payment diversion fraud and CEO fraud.
Payment diversion fraud happens when an email, allegedly from a supplier, requests payment be made to an account controlled by a criminal. CEO fraud is when a senior executive’s email is compromised and staff are directed to transfer funds to a specific bank account controlled by a criminal.
The meetings come in response to an informal exchange between the U.S. Federal Bureau of Investigation (FBI) and the INTERPOL Digital Crime Center (IDCC) in Singapore that led to the successful recovery of $25 million in defrauded funds from a Norwegian company.
“This successful case clearly shows the results which can be achieved when information is shared via INTERPOL, and when law enforcement connects with the private sector,” Sanjay Virmani, director of the IDCC, said. “Cybercriminals do not respect borders and certainly have no consideration for their victims, which is why a coordinated international response by law enforcement is key in tackling these crimes. INTERPOL is working to develop our member countries’ capabilities to tackle cybercrime, to reduce the number of loopholes which can be exploited and to better protect members of the public, business and governments from these threats.”