Increase in Cyber Fraud Crimes Encountered by Our Companies in Portugal

Dear Member,

In the letter sent to our Chamber by TOBB, with reference to the letter of the Ministry of Trade dated 23.06.2022 and numbered E-52229414-724.01.01, and with reference to a letter received from the Lisbon Commercial Counsellor's Office, it is reported that cyber fraud cases in banking transactions have increased rapidly in recent years; that in these fraudulent activities IBAN details have been changed, particularly as a result of attacks on companies' e-mail accounts; that a similar method was followed in 5 separate fraud cases recorded by the Lisbon Commercial Counsellor's Office within the last 15 days; and that, although neither the buyer nor the seller was in Portugal, the export/import proceeds of our companies were transferred to different bank accounts in Portugal through the altered IBAN records.

Furthermore, it is stated that sharing information on bank accounts constitutes a violation of personal data, that the Counsellor's Office has no authority to obtain information on the status of bank accounts, and that the legal process must be pursued by lawyers who have the status of complainant and are authorised to represent the company.

The letter goes on to state that, in the fraud cases experienced, our companies sent money without verifying by telephone the IBAN numbers received in their e-mails; that, although the recipient account was in another country (for example, an amount that should have been transferred to an IBAN in Spain), they were able to transfer money to IBANs starting with PT without question; and that the most important reason why these fraudulent activities are concentrated in Portugal may be that opening a bank account there is easier than in other countries.

On the other hand, it is stated that our companies have no information whatsoever about the legal course to be followed in cyber fraud cases (urgently informing the correspondent bank, if any, or otherwise immediately contacting the sending bank; filing a complaint/criminal complaint as a victim of cybercrime; and, if the account is blocked in such cases, banks postponing the release procedure until the end of the legal process, etc.); that our companies are under the misconception that money sent will in any case be refunded where the IBAN and the recipient name do not match; and that there is no requirement in Portuguese banking practice for the IBAN to match the recipient name.

Kind regards,

Elazığ Chamber of Commerce and Industry 

 

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Date Added :2022-07-05 11:27:00