Business intelligence plays a key role in protecting businesses and individuals from criminal threats. In the following case study, we present an example of the activities of an international criminal group whose aim was to defraud a businessman from Germany. Working together with various parties, we were able to identify the threat and counteract the potential losses.
Detection of Fraud
Our business intelligence unit was approached by a Cayman Islands law firm serving a German client. This law firm had received a suspicious email purportedly from the client’s mother asking for funds to be made available to the bank account number provided. As the client’s financial details were strictly confidential, with no one but the client having access to them and no right to know, the law firm began to suspect that this was an attempted fraud. It also informed the account holder of the attempted fraud and he decided to find out who was behind it. We were therefore asked to assist in identifying the potential fraudsters, as the account was with a Polish bank.
Data analysis
Our analysts conducted a detailed analysis of the data related to the suspicious email and the identity of the person impersonating the client’s mother. We discovered that the email was sent from a company registered in Poland, which bore a name that matched that of the client’s mother. Subsequent steps of analysis revealed that the company was registered to a young man working in a local shop in a small town. The analysis indicated that this person did not have the ability or knowledge to run a business of this scale, let alone plan such an elaborate fraud.
Visits by Detectives
In order to confirm suspicions, our detectives carried out a visit to the address given in the company’s documents. It turned out that this address was not linked to the residence of the man in whose name the company was registered and belonged to another person. Observation of the place revealed that the mailbox was open and the postman revealed that it contained letters addressed to various foreign companies. All indications were that the flat was being used as a false address and that the open postbox could be used by fraudsters to receive bank cards.
Discovery of More Victims
On further investigation, we discovered another person in whose name a foreign company was established. The registered office of this company was located at an address that turned out to be empty land, without any buildings. In addition, we noticed that the email address assigned to this business changed every few weeks, indicating an attempt to defraud more companies. In all likelihood, the scammers were taking advantage of leaked personal information that pointed them to individuals or entities with significant funds in their accounts, who would then report to them via fake emails.
Report
Our analysis showed that the German client was not the only victim of this organised crime group, which operated internationally. It was taking advantage of leaked personal data and setting up fake companies on people who were unaware of the practice.
The information gathered allowed us to prepare a detailed report, which we delivered to our client. In the report, we described the entire situation, pointing out the risks and proposing further steps. The client was informed of the potential risks and was provided with details of other victims of fraud, allowing him to take appropriate legal and protective action.
Final conclusions
This example shows how important the role of business intelligence is in protecting the interests of clients. Our actions allowed us to detect the threat early and prevent financial losses. Nowadays, with data leaks becoming more common and criminals becoming more sophisticated, it is crucial to monitor the situation and take swift action when fraud is suspected.
The lessons from this case are clear: the protection of personal data must be approached with the utmost caution and any suspicious activity must be monitored. Businesses and individuals need to be aware of the dangers of data leaks and take steps to safeguard it. Cooperation with business intelligence may prove crucial in the fight against international criminal groups.
Author: Piotr Dobosz
*Client data has been anonymised prior to publication.
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