A cyber-enabled financial fraud involving a government debt repayment has resulted in the loss of US$2.5 million from the Treasury, it was revealed at the Parliamentary Committee on Public Finance.

According to the committee, correspondent banks in the United States, the United Arab Emirates and Vietnam repeatedly rejected the original payment due to suspicious activity. However, Treasury officials later acted on fraudulent email instructions sent by cybercriminals impersonating the legitimate creditor, leading to the transfer of funds to a fraudulent account.

The committee also examined the roles of the Central Bank and the Public Debt Management Office, while stressing the need to strengthen legal and operational safeguards against similar cyber financial fraud in the future.