In brief
Singapore and Cambodian authorities recovered $12.8 million stolen by a business‑email‑compromise attack that targeted a Singapore petrochemical company. The incident highlights a wider trend of BEC fraud in Singapore, where losses have already reached SGD 70.8 million this year and BEC represents more than half of phishing incidents.
On October 29, 2026, the General Commissariat of National Police (GCNP) announced the successful recovery of USD 12.8 million that had been stolen from a Singaporean petrochemical firm in a business‑email‑compromise (BEC) scam. The funds, originally transferred to a Cambodian bank account, were frozen and returned to the victim with the help of the National Bank of Cambodia and Singapore police.
International cooperation leads to recovery
The operation, which began on Monday after a report was received by the Singapore Police Force, involved immediate requests for assistance from Governor’s representative and CNN in Phnom Penh. According to the GCNP press release, the police coordinated with the National Bank of Cambodia and other relevant institutions to freeze and return the stolen money.
Through this collaborative effort, the General Commissariat of National Police coordinated with the National Bank of Cambodia and other relevant institutions to successfully freeze the aforementioned funds and return them to the victim,
The GCNP followed up the claim with a statement detailing how the anti‑fraud unit tracked the money trail through Cambodian banking channels. The collaborating agencies identified a phishing campaign that used email spoofing to convince the Singapore firm that the transfer should be made to a legitimate Cambodian partner. The investigative effort culminated in the successful reclamation of the full $12.8 million before the crew could move the money beyond the ban jurisdiction of Cambodia.
Legacy of BEC attacks in Singapore
While the recovered sum marks a significant win, it comes against a backdrop of mounting BEC losses in Singapore. Facebook user Johnny Chua reported that Singaporean police have lost at least SGD 70.8 million this year to scammers impersonating business partners or employees via spoofed emails. The figure, posted by Chua on Facebook, underscores that the BEC scheme remains a pervasive threat to local businesses.
Industry analysts agree that BEC is the most common phishing type overall. A recent BusinessWire report states that “Business Email Compromise (BEC) accounts for 51.2% of phish types, with HR, Finance, and Executive Leadership named as the most targeted departments.” The data reflects the widespread nature of email fraud that can funnel large sums directly into criminal accounts.
These concurrent reports illustrate both the scope of the threat and the growing capacity for cross‑border law‑enforcement cooperation. The GCNP and Singapore police’s ability to trace, freeze, and recover the stolen funds demonstrates the potential for international partnerships to reverse losses, even while Singapore authorities continue to face significant BEC‑related losses this year.
