Top Scottish firm tricked out of £18m in new high-stakes telephone scam

Police Scotland are now warning the country’s finance workers to be vigilant after a senior executive at the firm in question was duped into transferring the cash after an individual posed as the company’s boss over the phone.

The worker was tricked into transferring the cash into a foreign bank account which was only tracked down as a result of speedy police work by detectives at Police Scotland.

The £18m has since been frozen but has yet to be returned and is now the subject to a major overseas criminal investigation.

Authorities believe that the “vishing” scam is one of a series of similar schemes targeting major companies.

Detective Chief Inspector Kenny Thomson, of Police Scotland’s economic crime and financial investigation unit, said: “We are talking about vast amounts of money. But the way the crime works is similar to a vishing scam.

“Generally, a finance person will get the call from someone saying they are the chief exec. ‘You have never met me before,’ the person will say, ‘but you know my name, don’t you?’ The caller will then say that he has a hush-hush project to discuss, an acquisition or business deal. ‘You can’t tell anybody about it,’ the caller will say, ‘ but I need you to move money straight away’.”

Mr Thomson said officers are investigating a similar case worth tens of thousands of euros. It is not known if they are connected.

He said: “The callers use the company jargon and they play on time differences and pressure.

“So, the message we want to get out is to be aware, to ask the questions and to do the due diligence when pressure is put on you.”