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Vendor fraud gets red light from startup using blockchain on IBM Cloud

June 18, 2018

A fraudster forged email addresses, invoices and corporate stamps to impersonate a large, Asian-based manufacturer with whom the tech firms regularly did business to trick two companies into paying for computer supplies.

Over a two-year span, the accounting departments at the companies made transfers worth tens of millions of dollars. By the time the firms figured out what was going on, they had paid out more than $100 million, which had been deposited in bank accounts across Eastern Europe.

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