Ireland's Sovereign Wealth Fund Targeted in Rare Phishing Scam

Ireland's National Treasury Management Agency is launching a review of its security procedures following a phishing attack that resulted in a loss of 5 million euros, according to a statement on Monday.

The breach was identified last week after staff at the agency's Ireland Strategic Investment Fund—valued at 17 billion euros—raised concerns over a suspect payment. The payment, initially believed to be to an investee company, was instead a scam made to look like a legitimate request during an anticipated drawdown.

NTMA Chief Executive Frank O'Connor assured that the organization is aiming to recover the funds and improve security frameworks, although no internal breach was suggested. Ireland's Finance Minister Paschal Donohoe praised the agency's history of diligence but acknowledged the incident as an 'extremely rare' occurrence.

(With inputs from agencies.)