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The state-owned Norfund has lost NOK 100 million in a digital attack, reports NRK.
Published:,
– The scam linked to a loan agreement that Norfund has signed with a microfinance institution in Cambodia of $ 10 million, around NOK 100 million, Norfund director Tellef Thorleifsson tells NRK.
Norfund invests in developing countries to contribute to economic growth and job creation.
in a Press release Norfund writes that “they are exposed to serious fraud as a result of an advanced data breach,” which took place on March 16 of this year. The scam was first discovered on April 30.
– This is a very serious incident for which we apologize strongly. Now we are charting the full course of events to get to the bottom of the case and we are taking steps to prevent the same thing from happening again, ”says President Olaug Svarva in the press release.
CEO Tellef Thorleifsson at Norfund, represented here as a partner and founder of Northzone on a previous occasion.
North Zone
In the data breach, the scammers managed to transfer the loan, which was actually going to Cambodia, to another account. The money has gone to Mexico, says Norfund.
The scam should have been discovered when the scammers attempted a new data breach.
– This is a very serious topic. Fraud clearly shows that we, as international investors and aid actors, are highly vulnerable through the active use of digital channels. The fact that this has happened shows that our systems and routines are not good enough. We have addressed this immediately, says Thorleifsson in the press release.
Norfund has announced a press conference on the matter at 3 p.m. Wednesday afternoon.
