Michelin : a 1.6 million scam!

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Michelin, the famous French tire manufacturer announced yesterday, that it has been robbed of 1.6 million, on a scam based on fake transfers order. It has been victim of a well-known scam called the “President Scam“.

© Flickr / Jacob T. Meltzer
The famous Michelin’s fellow.

The procedure is as follows : a person pretending he’s a president or director of a huge company calls an accounting department of another company (here it’s Michelin). He has only one goal, to obtain a quick transfer order of several million dollars, in order to cover a secret operation. These transfers were mainly sent to China, or Cyprus. But this time, the transfer was sent to an account in the Czech Republic.

A source, near the investigation, said that the person who called, obviously knew the entire procedure at the Michelin’s company to make the transfer, as well as the person he had called.

Appeared 3 years ago, these scams would have represented approximately 10% of total fraud suffered by companies in France – and cost over 10 million euros to some, according to the latest survey conducted by PricewaterhouseCoopers (PwC) in the matter. In 2013, the authorities identified 360 victims of the “President scam” including some of the most influent firms like Coca-Cola, Eurocopter, Hilton, Vinci, Virgin, or Nestlé, for an estimated loss of 155 million. Michelin is therefore not the first company to get scammed. KPMG, for instance, revealed this year they have been victim of an injury of 7.6 million. The problem is that this scam remains somewhat elusive.

Julien Peronnet, IEJ3E1

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