Anti-Fraud Centre and U.S. Secret Service stop $1.7 million spear phishing transfer
The Canadian Anti-Fraud Centre (CAFC) said Jan. 29 that it worked with the Ottawa office of the U.S. Secret Service and financial institutions to intercept a $1.7 million transfer stemming from a spear phishing attack on a Canadian business on Jan. 13.
After the business reported the attack, the CAFC alerted the bank and the Secret Service, and the transfer was stopped before the money could be moved further. The funds are "well positioned to be recovered and returned to the victim," the centre said.
The CAFC described how these frauds typically unfold: criminals compromise or spoof an e-mail account, set forwarding rules to copy incoming mail, study payment timing and contacts, then pose as a supplier asking accounts payable to pay an urgent invoice into a new account. Some register look-alike domains. The centre later put 2025 spear phishing losses at more than $68 million in its mid-year update.
What to do
- Require verbal confirmation for urgent payments and any change to banking details.
- Check mailboxes for forwarding rules you did not create.
- Train staff, including at onboarding, and limit what you publish about who approves payments.
- Report fast: call your bank, then local police and the CAFC at 1-888-495-8501.
