Scammers steal $10 million from Norfund, the largest sovereign wealth fund
Thieves spent months inside the networks of the world’s largest sovereign wealth fund before stealing $10 million in what the enterprise is describing as “a serious case of fraud.” The Norwegian Investment Fund, more commonly known as Norfund, announced Wednesday that scammers stole £8.2 million ($10 million) by spoofing an email address, then fabricating payment information and directing cash into their own account. In a statement, Norfund said the incident is still under investigation, though it acknowledged “that our existing systems and routines were not secure enough.” Norfund is a Norway state-owned private equity firm which invests in developing countries throughout the world by supporting renewable energy infrastructure and scalable businesses, particularly in the manufacturing and agricultural sectors. This financial heist only is the latest to affect large international firms, following a $29 million scam affecting the publishing conglomerate Nikkei and the attempted theft of $951 million from Bangladesh’s central […]
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