Apr 27 2025, 07:03 PM
QUOTE(contestchris @ Apr 27 2025, 01:37 PM)
๐ ๐ฎ๐๐ฏ๐ฎ๐ป๐ธ ๐๐
-๐๐๐ข ๐๐ฎ๐๐ฒ ๐๐ถ๐ด๐ต๐น๐ถ๐ด๐ต๐๐ ๐๐ฟ๐ผ๐๐ถ๐ป๐ด ๐ง๐ต๐ฟ๐ฒ๐ฎ๐ ๐ผ๐ณ ๐๐
๐ฒ๐ฐ๐๐๐ถ๐๐ฒ ๐๐ฟ๐ฎ๐๐ฑ ๐ฎ๐ป๐ฑ ๐๐ฒ๐ฒ๐ฝ๐ณ๐ฎ๐ธ๐ฒ ๐ฆ๐ฐ๐ฎ๐บ๐
This weekendโs edition of The Edge Malaysia featured a startling case of executive impersonation and fraud โ 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 โ 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:
๐ช๐ฒ๐ฑ๐ป๐ฒ๐๐ฑ๐ฎ๐ ๐ฎ๐ฐ ๐๐ฝ๐ฟ๐ถ๐น ๐ฎ๐ฌ๐ฎ๐ฐ, ๐ณ.๐ฐ๐ณ๐ฎ๐บ: 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.
๐ญ๐ฎ.๐ฑ๐ฏ๐ฝ๐บ: 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.
๐ต.๐ฎ๐ฒ๐ฝ๐บ: 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.
๐ญ๐ฌ.๐ฌ๐ด๐ฝ๐บ: 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.
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Source: https://www.linkedin.com/in/leeshih/
Reference is made to the publication in The Edge of an article entitled โMaybank CFOโs sacking-the allegations and rebuttalsโ of April 28, 2025.This weekendโs edition of The Edge Malaysia featured a startling case of executive impersonation and fraud โ 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 โ 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:
๐ช๐ฒ๐ฑ๐ป๐ฒ๐๐ฑ๐ฎ๐ ๐ฎ๐ฐ ๐๐ฝ๐ฟ๐ถ๐น ๐ฎ๐ฌ๐ฎ๐ฐ, ๐ณ.๐ฐ๐ณ๐ฎ๐บ: 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.
๐ญ๐ฎ.๐ฑ๐ฏ๐ฝ๐บ: 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.
๐ต.๐ฎ๐ฒ๐ฝ๐บ: 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.
๐ญ๐ฌ.๐ฌ๐ด๐ฝ๐บ: 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/
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