2.5 million euros recovered for fraud against the Ministry of Education

According to MECI, “a quick report by the Institute for Educational Financial Management (IGeFE) to the competent authorities allowed all entities involved in the transaction, including the banking system, to recover the funds” this Thursday morning.

The case led to the dismissal of IGeFE President José Passos and other undisclosed officials who were allegedly caught up in a scheme known as the “CEO Fraud.” Someone pretended to be the person in charge of the IT company providing the services and sent an email with the correct contract details, but with payment instructions for a different IBAN than the one provided, Público reports. IGeFE directors found nothing and made three transfers to the scammers’ accounts this month.

The National Cyber ​​Security Center has already warned about this scheme, recommending that emails with payment instructions be carefully checked. José Passos submitted his resignation on Wednesday, which was “accepted by the minister in order to preserve the authority and institutional prestige of IGeFE.” Fernando Alexandre also ordered an internal investigation. The Vice President and Member of IGeFE will remain in office until a new President is appointed.