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Sunday, 3 November 2013

Riverstone Holdings Limited and other rubber glove company targeted by internet fraud syndicate

Internet fraud syndicate like phishing usually target individual. However, it seem corporate world being targeted by such syndicate also. The recent target is rubber gloves manufacturing company in South East Asia.

Fraud 1

 On 5 May 2013, shipping assistant of Riverstone Holdings Limited's subsidiary Sinetimed Consumables Sdn Bhd issue a quotation to customer in Thailand to request payment.

On 13 May 2013, Fraudsters used same name as above shipping assistant and a similar email address send an email to above customer. stating that Monetary Authority of Singapore (MAS) is in the process of auditing company bank account. Thus, unable to process any fund transfer. The email requested customer to remit money to new bank account.

Email address of staff of company is email address of fraudsters is . Only one alphabete different. The email requested payment to Alliance Bank under a bank account of AL Solution. Transaction amount amounted to USD91,400. However,customr in Thailand have remitted money to original bank account. Thus, unable to remitted to new bank account again.

Fraudsters  reply the email by alleged the other party making a mistake. And requeted customer to remitted money again to new bank account with hostle and unpolite tone to avoid delay in delivery.

customer feel very angry, express intention to cancell all order and send an email to another manager to complaint such unpleasant incident. This make the case expose as fraud.

Company search on CCM discover that AL Solution sre a company base in Penang and company registration have expires on 9 March 2012. The company registered under two Chinese partner name.

Fraud 2

Head of customer services of Riverstone Holdings Limited's subsidiary Riverstone Resources Sdn Bhd has issued a Delivery Order to customer in US on 16 October 2013.

A fake email send under name of head of customer services has been received by customer in US on 15 October 2013 (US time) to inform change of bank account. attached with letter with company letterhead, stamp and signature. Requested customer to pay to CIMB Bank to bank account of MTD Mega Global Resources.

As customer already received announcement of company warning of possible fraud in May 2013. Customer in US become alert when received such fake email.

The customer discover that email address received  different from normal email address of the staff and suspected fraud. the customer in US counter check and confirmed the fraud.

Email address of staff is whereas email address used by fraudster is

According to website of CCM, MTD Mega Global Resources is a company base in Kajang, Malaysia

Other Rubber Glove company

According to President of Malaysian Rubber Glove Manufacturers Association (MARGMA) Mr Lim Kwee Shyan. Another member company of the association also being targeted and customer of the member company has been con amounted to several million in USD, the money has been remitted to bank in Indonesia. The member company did not make any loss as it is ngligent of it customer. a circular has been issued to all member of the Association in April 2013 to warn them of possible fraud.

However, after a police report has been made. Police informed them that they unable to investigate as the company never incurr any loss. President of MARGMA feel that despite no loss incurred. It is a matter of reputation of Malaysia and it central Bank. Bank Negara should try to investigate and get information from it Indonesian counterpart. Mr Lim also disappointed that the authority also unable to investigate in Riverstone case, even it involve local bank. How can a bank let a person with fake document to open a bank account? He feel poloce should investigation even it is no loss involve.

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