The Facts
In a case study reported in 2016 by the UK Financial Ombudsman,
an investor in the United Kingdom, "Ms Q", had her emails
hacked by fraudsters, who impersonated her and sent emails
purporting to be from her to her financial adviser.
Large sum transferred following receipt of emailed
instructions
The emails asked the financial adviser to withdraw
£250,000 from her investment bond and transfer the money to a
solicitor's bank account in Hong Kong. However, the investment
provider told the financial adviser that they could not trace the
solicitor's firm and so would not be transferring money to that
account.
The financial adviser then received a follow-up email purporting
to be from Ms Q which provided details of a bank account in her
name with a bank in the United Kingdom. The email instructed the
financial adviser to transfer £250,000 to this bank
account.
