Phishing Scam Hits Ireland's Treasury, Sparks Security Overhaul

Ireland's National Treasury Management Agency fell victim to a 5 million euro phishing attack. The fraudulent transaction was discovered after concerns were raised over an investment payment. The agency plans to review security measures while efforts to recover the funds are underway.

Ireland's National Treasury Management Agency (NTMA) announced it is bolstering its security measures following a loss of 5 million euros in a phishing attack. The breach was revealed when the Ireland Strategic Investment Fund (ISIF) noticed a suspicious payment.

Initially believed to be an investment drawdown, the payment turned out to be a fraudulent request impersonating an existing investee. ISIF has historically managed 250 investments, making such security protocols crucial, noted NTMA Chief Frank O'Connor.

With the police notified and funds recovery efforts ongoing, the NTMA stresses no internal IT breach occurred. The need for heightened security is underscored with plans for Ireland's sovereign fund growth to mitigate future financial burdens.

(With inputs from agencies.)