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E-Commerce Company Nykaa received fake Invoice

Nykaa, an Indian retail seller of beauty, wellness, and fashion products has been duped by cybercriminals, more than Rs 60 lakhs were tricked into sending money meant for its Italian supplier to another account. An FIR was immediately filed by the company with the M.N. Joshi Marg police station.

The fraudsters spoofed the email ID of Nykaa’s Italian supplier and asked Naykaa to transfer payment for a consignment to a different bank account.

According to the source, the company sells its product through retail outlets and its website and imports raw material from different countries.

In November last year, Nykaa placed an order with its vendor in Italy for 71,000 euros (62 Lacks). On March 20 this year, the vendor informed the company via mail that the raw material was ready and sent an invoice for the same.

Meanwhile, the company received an email from Italy which looked authentic, asking it to deposit the payment into another account the change was due to the reasons for taxations, the mail said.

The next day an email arrived from the same ID, having a different bank account detail. It said that this account will be used for all further transactions. Nykaa then initiated the payment and alerted the vendor.

A few days later, the vendor sends a mail to the company inquiring about the payment. Nykaa told the vendor that the payment had been done and shared the transaction details with the vendor. However, after verifying the details Nykaa told the vendor that the given account details and email IDs were not theirs.

On learning that it was the victim of cyber fraud, the company conducted an internal inquiry and approached the M.N. Joshi Marg police station.

Source: https://mumbaimirror.indiatimes.com/coronavirus/news/cyber-criminals-dupe-fashion-retailer-of-over-rs-60-lakh/articleshow/77515201.cms