Hackers conned Norwegian investment fund out of $10m through email scam

Owned by the Norwegian Ministry of Foreign Affairs and funded from the state budget, Norfund is a private equity company engaged in funding insititutions in developing countries to fight poverty and support economic growth. In 2019, the investment fund had committed investments of up to 24.9 billion Kronas (over £2 billion).

On 13th May, Norfund announced via a press release that it has been exposed to a serious case of fraud through an advanced data breach. According to the company, a group of fraudsters was able to access information concerning a loan of $10 million from Norfund to a microfinance institution in Cambodia.

Following an investigation, it was identified that Norfund’s email system was compromised by hackers for several months. They patiently monitored Norfund’s email communications with its clients, gathered information, and created an account impersonating a member of staff authorised to make payments.

In full: https://www.teiss.co.uk/norfund-phishing-fraud/

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