Phishing Attack Stuns International Carbon Market

A phishing attack, which comprises of an internet security fraud that tries to gather sensitive information, this week, has hit the international carbon market, the result of which has been the theft of nearly 250,000 permits that is worth more than three million euros. This particular fraud revolves around six German organizations and includes emission-trading registries in certain European countries that on 2 February were shut down on a temporary basis. For many who are unaware of the carbon market, it is important that they understand that organizations can buy carbon emission permits from other organizations, which allows them to emit greenhouse gases.

By creating fake emission registration entries the thieves targeted hundreds of organizations around the world including many organizations in New Zealand, Australia, and Norway along with organizations from European countries. In a news conference, the head of German emission registry (DEHST), Hans-Juergen Nantke, said that this was a global attack on various organizations. Nearly 2000 organizations in Germany were targeted and out of those, six took the bait. These organizations handed their registration details to these thieves, which eventually led to the theft of their emission permits.

As a security measure, registry in nine different European countries was closed which included Italy, Spain, Belgium, Denmark and Greece. However, in the Netherlands, Norway and Austria the registries reopened after a temporary suspension. The European Emissions Exchange allowed the emissions trade via them.

It is speculated that in the investigations that will follow after this unfortunate incident may involve the European Commission in it. This involvement will depend on the level of this fraud. According to a spokesperson on behalf of the commission, it has been mentioned that if the transactions were of international nature then the Commission will involve themselves in the investigations as per the rules of international transaction investigations.