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Insurer falls victim to email scam

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The local branch of a global insurer wired hundreds of thousands of dollars to fraudsters who sent emails impersonating the company’s CFO, a court has heard.

The Downing Centre Local Court in Sydney was told that Chubb completed three transactions totalling $213,000, following the receipt of emails authorising payments to a major law firm, starting in September 2017.

But the court heard the bank details provided were those of Roland Frasier, 34, who pleaded guilty to recklessly dealing with the proceeds of crime.

While documents relating to the case were not made available to insuranceNEWS.com.au, the hearing was reported by the Daily Telegraph, and the court confirmed the details of the conviction.

Frasier’s representative told the court his only involvement in the scam had been in providing bank details, and he did not receive any benefit.

He was sentenced to 12 months’ imprisonment, to be served in the community. He was also ordered to repay $30,000 to Chubb.

Chubb declined to comment on the matter.