Technology firm loses nearly £30 million in digital transfer fraud

News by Ashley Carman

Ubiquiti Networks, a wireless networking products provider, lost nearly £30 million in cyber-fraud involving phony transfer requests.

Ubiquiti Networks, a wireless networking products provider, lost nearly £30 million in cyber-fraud involving phony transfer requests earlier this year.

The company's quarterly financial report stated the incident involved “employee impersonation and fraudulent requests from an outside entity targeting the company's finance department.” Transfers, held by a company subsidiary in Hong Kong, totaled £29.9 million. The incident was discovered on 5 June.

Since detecting the fraud, the company recovered £5.2 million of the amounts transferred, and a separate £4.3 million is subject to legal injunction. Ubiquiti wrote that it is “reasonably expected to be recovered.”

An international multi-agency criminal investigation was opened while the company chases the remaining £20.4 million.

“The company currently believes this is an isolated event and does not believe its technology systems have been compromised or that company data has been exposed,” the report said.

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