National Biscuit in Oman reports loss over online fraud

The company has strengthened its internal control systems including the IT control framework to avoid recurrence and minimize risks

  

Muscat: National Biscuit Industries, in a disclosure to Muscat Securities Market, informed the shareholders and the general public about an online incident of fraud.

“Deceptive domains of the company as well as one of the company’s machinery suppliers were created by unauthorized persons with mala fide intention. Emails messages were unknowingly exchanged between employees of the company and the machinery supplier through such deceptive domain email ID’s, ” the statement said.

“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 added.

Both parties have initiated legal measures, including informing law enforcement departments, to recover the above amount and parallelly assessing a solution to resolve the matter amicably between both parties. Meanwhile, the company has strengthened its internal control systems including the IT control framework to avoid recurrence and minimize risks, the disclosure said.

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