𝗠𝗮𝘆𝗯𝗮𝗻𝗸 𝗘𝘅-𝗖𝗙𝗢 𝗖𝗮𝘀𝗲 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀 𝗚𝗿𝗼𝘄𝗶𝗻𝗴 𝗧𝗵𝗿𝗲𝗮𝘁 𝗼𝗳 𝗘𝘅𝗲𝗰𝘂𝘁𝗶𝘃𝗲 𝗙𝗿𝗮𝘂𝗱 𝗮𝗻𝗱 𝗗𝗲𝗲𝗽𝗳𝗮𝗸𝗲 𝗦𝗰𝗮𝗺𝘀

This weekend’s edition of The Edge Malaysia featured a startling case of executive impersonation and fraud — revealed in the context of the ongoing Industrial Court dispute between Maybank Malaysia and its former CFO. The allegations emerged following her departure from the bank after an internal inquiry.

The impersonation scam showcases the increasingly sophisticated tactics used by fraudsters — including coordinated messages from multiple impersonated individuals and possibly a deepfake Zoom video call.

A brief chronology of the events alleged in the papers before the Industrial Court:

𝗪𝗲𝗱𝗻𝗲𝘀𝗱𝗮𝘆 𝟮𝟰 𝗔𝗽𝗿𝗶𝗹 𝟮𝟬𝟮𝟰, 𝟳.𝟰𝟳𝗮𝗺: The CFO received a message on her personal phone (and not her work phone) from an unknown Malaysian number.

The sender purported to be Alvin Lee, CEO of Maybank Singapore. The Lee impersonator requested her to make a payment from Maybank Malaysia on behalf of Maybank Singapore. This would be a transfer of approximately US$985,000 (RM4.77 million) to a Hong Kong entity via JP Morgan.

𝟭𝟮.𝟱𝟯𝗽𝗺: She attended a Zoom call with the Lee impersonator. She said that the Zoom call lasted for five minutes and she said there was nothing unusual about the person's demeanour or body language on the Zoom call.

Subsequently, she received on her personal phone WhatsApp messages from another unknown number, purporting to be Maybank Malaysia's President and Group CEO. This second impersonator supported the Lee impersonator's request for Maybank Malaysia to make the transfer of the US$985,000.

She arranged for the transfer to be effected. JP Morgan had held back the onward payment for an extended period. This was a red flag to the CFO that something was amiss.

𝟵.𝟮𝟲𝗽𝗺: Now, she contacted the real Alvin Lee on his official phone to ask about the messages. She realised the deception and instructed a cancellation of the transfer.

𝟭𝟬.𝟬𝟴𝗽𝗺: JP Morgan confirmed that it had successfully held back the transaction. No financial loss occurred.

That was indeed a narrow escape. But demonstrates the multi-layered tactics of fraudsters, and how senior C-suite executives may be targeted.

Arising from those background events, Maybank issued a show cause letter to her and carried out an inquiry on the actions and the standard of reporting she took after the events. All of that is now pending determination before the Industrial Court.

---------------------

Source: https://www.linkedin.com/in/leeshih/



This post has been edited by contestchris: Apr 27 2025, 01:38 PM

Maybank's response: https://theedgemalaysia.com/node/753107

Reference is made to the publication in The Edge of an article entitled “Maybank CFO’s sacking-the allegations and rebuttals” of April 28, 2025.

This article is not endorsed nor authorised by Maybank and was published without any prior notice to Maybank. The article contains inaccuracies, apart from being incomplete.

Maybank reinforces that the matters alleged in the article are confidential. Further, as the subject matter is currently undergoing legal proceedings, the publication of the article also contravenes and prejudices the intent and spirit of the said proceedings. Maybank reserves its rights and is seeking legal advice.

Is it possible for the CFO of our largest financial corporation to be scammed in this manner? How?!?!?!?

Ahh Alvin I know this guy

Kind of sus. Just a call and zoom then can transfer? Even Sdn Bhd need to get the checker and maker to approve before transaction can go through.

This is not normal transfer. Ada udang behind rock.

Fuyoh, name dropping. What benefit you got from knowing him?

I also can name drop. I know Johan Merican but got zero advantage.

Anthony loke must resign now

If true then shes got to be the dumbest cfo ever. How can simply authorize transfer without board & ceo approval.

The fact that she even requested a transfer means that she is not fit for that position

Big Transfer money in n out not perform by single CFO via system. Many SOP n staff involve such transaction. I'm sure bank has procedure can't perform by single person

i believed she has launch a suit to challenge her removal? if so then Maybank will need to spill out the details to defend itself

we can then see the whole story and who is really at fault here

the edge imagination is stronk

Why Maybank use JP Morgan bank to transfer money?

Maybank themselves can’t transfer?

scary leh this bank called Maybank... and the senior management it has...

a single senior management can simply send money based on a personal phone call and a zoom call without proper process... very scary.

and from the look of it, she didnt feel she DID ANYTHING wrong. Very bangga!

that's why - always call back to verify

if CFO like this can fall this kind of scam. she deserved to be demoted or put on PIP

A lot of things not jiving in the Edge article. As others pointed out, it's not so simple to simply transfer large amount of funds like that, and CFO doesn't operate like that. Better wait for more details of the case

Kasi chan la macha, CFO is not head of cybersecurity owai.

This sounds like embezzlement attempt gone wrong. got caught!

Zoom video call seriously? Dont have Microsoft Team that can record video calls???

Have an online video call then make 1 million dollar transfer?

Mean banks have such practise that doesnt follow the process n rules?