Ireland’s National Treasury Management Agency, the state body that manages debt and the sovereign wealth fund, will review its security protocols after losing €5m in a phishing attack.
The scam was discovered last week after staff at the €17bn Ireland Strategic Investment Fund (ISIF) – a sovereign development fund that the agency also runs – expressed concern about a payment made to what they thought was an investee company.
Instead, it was found that they had received a fraudulent payment request from a third party designed to look like a legitimate request from the existing investee company at the time of an expected drawdown of funds, NTMA Chief Executive Frank O’Connor said at a news conference.
ISIF, which invests in companies…