The International Transport Intermediaries Club (ITIC) reports that it has reimbursed a yacht broker for €58,000 following a phishing scam that occurred during a Mediterranean charter transaction.
The broker, acting as an intermediary for charter hire payments, was tricked into transferring funds to a fraudulent bank account after receiving an email from an address that closely mimicked that of the vessel’s owner.
The scammer claimed the owner’s banking details had changed and requested payment to the new account. Under time pressure, and without independent verification, the broker complied. The request appeared plausible, as the owner had previously changed accounts and the new details were based in the same region.
Once the fraud was discovered, the broker covered the missing funds to complete the transaction, and ITIC subsequently reimbursed the full amount.
“This situation exemplifies how cybercriminals take advantage of everyday procedures and time pressures to evade verification checks. This incident serves as a vital reminder to always verify changes to payment instructions, especially over the phone, regardless of how persuasive an email may seem,” said Mark Brattman, Claims Director at ITIC.
“Cyber scams in maritime transactions are becoming increasingly sophisticated. We urge all brokers and intermediaries to exercise extreme caution when making any last-minute or ‘urgent’ changes to payment instructions.”
“ITIC advises members always to check new bank accounts and changes to existing ones very carefully. Although the owner may have genuinely changed bank accounts, it remains unusual for companies to change bank accounts. Always be suspicious of changes and use a known phone number to verify the account details.”
