A phishing scam targeting a yacht broker during a high-profile Mediterranean charter resulted in an initial €58,000 loss.
The yacht broker, who was tasked with managing charter hire payments between the charterer and the yacht’s owner, became a victim of the sophisticated fraud scheme, reports the International Transport Intermediaries Club (ITIC), which has since reimbursed the full amount to the broker.
Once the charterer had made a payment, the yacht broker was approached by someone purporting to be the owner, using an email address that differed by just one character from the genuine address.
The impersonator requested that funds be transferred to a ‘new’ bank account.
Cyber scams in maritime transactions are becoming increasingly sophisticated.
Mark Brattman
Under time pressure, the yacht broker complied without directly confirming the change with the principal.
Contributing to the error was the fact that the owner’s banking details had changed once before, and the replacement account was in the same geographic region, which made the request seem authentic.
“This situation exemplifies how cybercriminals take advantage of everyday procedures and time pressures to evade verification checks,” said Mark Brattman, claims director at ITIC.
“This incident serves as a vital reminder to always verify changes to payment instructions, especially over the phone, regardless of how persuasive an email may seem.”
Missing funds
Once the phishing scam was uncovered, the broker took immediate action and paid the missing funds to the rightful owner.
ITIC reimbursed the broker for the full €58,000, and is warning of the ever-evolving threat of cyber fraud in the maritime industry.
“Cyber scams in maritime transactions are becoming increasingly sophisticated,” continued Mark.
“We urge all brokers and intermediaries to exercise extreme caution when making any last-minute or ‘urgent’ changes to payment instructions.”
