National Biscuit scammed out of RO 70K

Omani listed firm National Biscuit Industries Ltd (Nabil) revealed here on Wednesday that it was swindled to the tune of RO 70,000 in an online scam. The announcement came in a disclosure to the Capital Market Authority (CMA).
The Rusayl-based company said it was the subject of an elaborately planned fraud orchestrated by unknown cybercriminals using fake domain addresses of the company, as well as one of its equipment suppliers.
“Deceptive domains of the company as well as one of the company’s machinery suppliers were created by unauthorised persons with mala fide intention. Emails messages were unknowingly exchanged between employees of the company and the machinery supplier through such deceptive domain email IDs,” said National Biscuit in its filing.
“During this process, the company had received an email for a change of bank account of the supplier. After due verification of bank documents, payment of 160,799 euros was transferred to the requested new bank account. The machinery also received from the supplier in good working conditions. Subsequently, the machinery supplier informed the company that they had neither requested a change of bank account nor received the payment. Both parties then became aware of the duplicity,” it said.
Both sides, it further noted, have alerted the respective law enforcement authorities and are working to recover the stolen funds. National Biscuit has also “strengthened its internal control systems including the IT control framework to avoid recurrence and minimise risks,” it added.