International collaboration successfully intercepts and returns $2.3 million fraudulent transfer
July 24, 2025
Ottawa, Ontario
News release
The Canadian Anti-Fraud Centre (CAFC) and the Hong Kong Police Force's Anti-Deception Coordination Centre (ADCC) successfully helped recover CAD $2.3 million following a cross-border business email compromise (BEC) fraud targeting a Canadian law firm in the Vancouver area.
Spear phishing and BEC scams are highly targeted attacks where fraudsters impersonate trusted contacts; often executives, legal advisors, or vendors to trick individuals or companies into transferring funds or disclosing sensitive information.
In this case, the fraud involved a spear phishing attack that tricked the Canadian firm into wiring funds to a fraudulent account in Hong Kong. After identifying the suspicious transfer, a local bank in Hong Kong promptly alerted the ADCC. Swift cooperation with Canadian authorities, including the CAFC, led to the interception and return of the full amount to the defrauded firm.
How to protect your organization against spear phishing and BEC
- Verify all payment requests especially if there's a change in banking details. Contact the sender using a trusted phone number, not the one provided in the email.
- Enable multi-factor authentication (MFA) on your email and banking systems.
- Educate staff on how to recognize phishing red flags, such as downloading attachments, or clicking on unexpected links.
- Avoid logging in to business accounts through links in unsolicited emails or texts.
- Businesses are encouraged to implement internal controls such as requiring dual authorization for wire transfers and regularly reviewing cybersecurity protocols.
If you believe you or your organization has been targeted by spear phishing or a BEC scam, report it immediately to the CAFC (online or by calling 1-888-495-8501).
Quote
“This recovery demonstrates the power of global partnerships in the fight against fraud. Through trusted coordination and timely intelligence exchange with our colleagues at the Hong Kong Police Force, we not only helped a Canadian business avoid a significant loss, but also disrupted criminal activity at the international level.”
- Chris Lynam, Director General, Canadian Anti-Fraud Centre
Quick facts
- $67.5 million in losses to spear phishing was reported to the CAFC in 2024.
- Overall, $647 million losses were reported to the CAFC in 2024. It is estimated that only 5-10% of victims report to the CAFC.
- The CAFC is Canada's central repository for data, intelligence and resource material as it relates to fraud. It provides timely, accurate and useful information to assist citizens, businesses, law enforcement and government agencies.
- Stay informed and exercise caution to avoid falling victim. Visit the CAFC website regularly to get more tips and information.
- If you believe you have been a victim of this or a similar scam, immediately contact your bank, local police, and the CAFC.
Associated links
Contact
Canadian Anti-Fraud Centre Media Relations
media@antifraudcentre.ca
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