INTERPOL Recovers $41 Million in Largest Ever BEC Scam in Singapore

INTERPOL has used its “global stop-payment mechanism” to recover funds from a Business Email Compromise (BEC) scam. An unnamed Singaporean company lost $42.3 million in July 2024, after transferring funds to a fraudulent supplier account. By using INTERPOL’s I-GRIP mechanism, $39 million was detected and frozen in the counterfeit bank account. Seven suspects were then arrested, leading to the recovery of another $2 million. This use of I-GRIP follows other successful operations to intercept illicit proceeds from crimes involving fiat and digital currencies.