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Anatomy of a hedge fund hack

The complexity of scams, and the time and money fraudsters are prepared to invest, highlight a growing threat to smaller financial services firms.

London | It was only when John made a final phone call to confirm the transfer of about €10 million ($15.6 million) to his family trust that he realised he was about to fall victim to a highly sophisticated financial scam.

A fraudster had spent two months pretending to be one of John’s business associates in order to gain his confidence and trick him into diverting a standard loan repayment to a different bank account.

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    Original URL: https://www.afr.com/companies/financial-services/anatomy-of-a-hedge-fund-hack-20210428-p57n0s