Ras Al Khaimah Police have arrested three individuals involved in a phishing scam that led to the theft of Dh1.77 million (€281,000) from a company. The suspects posed as representatives of a company the victim had previous dealings with. The crime came to light when the victim reported the e-phishing incident to the authorities, revealing a complex operation that resulted in substantial financial losses.

The cybercriminals initiated contact with the victim company through a fake email, pretending to finalize a business agreement. They then gained unauthorized access to the company’s email system and went through purchase records and banking transactions. When they discovered a significant sale agreement with another company, they created a fraudulent email account resembling the real supplier’s domain. They redirected all further bank transfers for the sale to this fake account. The victim realized they were victims of online fraud when the supplier failed to fulfill the agreement, prompting them to report the phishing case to the police. A specialized team tracked down and arrested the culprits in another emirate, thanks to a large suspicious transaction into their bank account. Authorities urge individuals and businesses to exercise caution when making financial transactions and verify the identity of company representatives to prevent falling victim to such scams. Cybercriminals are increasingly sophisticated, and vigilance is crucial to safeguard assets and prevent financial harm.