With Europol’s support, the Hungarian authorities have cracked down on fraudsters targeting public sector companies
The Budapest Metropolitan Police has apprehended almost a hundred individuals after unravelling two complex fraud schemes involving invoice fraud. „The clampdown targeted an organised crime group responsible for defrauding 94 legal entities of an estimated EUR 2.8 million. These companies were mostly state and municipality-owned,” according to the press release.
The syndicate used a sophisticated money laundering infrastructure to hamper law enforcement’s ability to trace the illegal gains.
The criminals would impersonate a service company to inform their victims that the service company now had a new bank account to which the payments for the provided services should be sent.
Once the payments were made to the bank accounts controlled by the criminals, the funds would be moved around to conceal their illegal origin.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
