Security News > 2024 > August > Scammers dupe chemical company into wiring $60 million

Orion S.A., a global chemical company with headquarters in Luxembourg, has become a victim of fraud: it lost approximately $60 million through "Multiple fraudulently induced outbound wire transfers to accounts controlled by unknown third parties."

"Orion has innovation centers on three continents and produces carbon black at 15 plants worldwide," the company says.

The 8K report the company filed with the US Securities and Exchange Commission on Monday says that the "a Company employee, who is not a Named Executive Officer, was the target" of this criminal scheme and responsible for making the fraudulent wire transfers.

"As a result of this incident, and if no further recoveries of transferred funds occur, the Company expects to record a one-time pre-tax charge of approximately $60 million for the unrecovered fraudulent wire transfers," Orion S.A. said.

A representative of the company declined to share with Help Net Security any additional details beyond what is included in the 8-K filing.

"To date, the Company has not found any evidence of additional fraudulent activity and currently does not believe the incident resulted in any unauthorized access to data or systems maintained by the Company," the filing further says.

News URL

https://www.helpnetsecurity.com/2024/08/13/orion-fraudulent-wire-transfers-60-million/