A sad affair

[Satanfriendly]

'My business had £1.6m stolen in 20 minutes'

An employee at Steve Wright's firm was tricked into giving thieves access to the company account.

www.bbc.co.uk

Such a small company and have to feel sorry for the poor soul.

 

[TobyC]

The bank should have alerts in place when large sums of money start moving out of an account.
Can they not trace to what account the money was transferred?
Could be China, Russia, or your own government,... everybody is dirty these days.

 

[SeanC]

The bank should have alerts in place when large sums of money start moving out of an account.
Can they not trace to what account the money was transferred?
Could be China, Russia, or your own government,... everybody is dirty these days.

The company should have had more robust controls in place. Everywhere I have worked required two authorisations for payments to be sent and those same people could not authorise the creation of the payment in the beginning

The money will cascade through a number of 'burner' accounts and different jurisdictions very fast and probably end up being converted to crypto

North Korea is actually big player for this type of nefarious act

 

[Dickie]

The company should have had more robust controls in place. Everywhere I have worked required two authorisations for payments to be sent and those same people could not authorise the creation of the payment in the beginning

The money will cascade through a number of 'burner' accounts and different jurisdictions very fast and probably end up being converted to crypto

North Korea is actually big player for this type of nefarious act

Why one earth would anyone smart enough to steal this convert to crypto? It’s the best monetary ledger in the history of, well, money….

Cash is king!

And stupid people being hacked shouldn’t be news!

 

[SeanC]

Why one earth would anyone smart enough to steal this convert to crypto? It’s the best monetary ledger in the history of, well, money….

Cash is king!

And stupid people being hacked shouldn’t be news!

As an accountant of some 30 years standing, I can say that unfortunately for major league criminality, cash definitely is not king.

Criminals seek portability, convertibility and anonymity above all else. Try doing any kind of transaction with more than £10k cash in the UK or taking the same amount abroad via a UK airport. The likes of NCA, HMRC and your local constabulary will take a very keen interest, aside from the balls-ache of storing it and moving it around.