Cyber crime rates in Luxembourg have undergone a significant increase over the past five years, according to the latest report from the judiciary.

Executive phishing, or CEO fraud, as it is also known, has recently made headlines due to the ongoing Caritas embezzlement case. Prosecutors in Luxembourg have observed a significant increase in cases over the past year alone. Whereas there were usually one or two of these cases, over the past 12 months the Luxembourg City and Diekirch public prosecutors have reported 11 cases.

The incidents usually involve criminals impersonating high-level executives over phone or email in order to access funds, such has been the case with Caritas.

Increase in cyber crime 

Luxembourg's public prosecutors handled 3,700 cases of cyber crime last year. Internet or credit card fraud were by far the frontrunners, followed closely by phishing scams. Phishing is when scammers try to access sensitive data using fake e-mails, websites or text messages.

On Tuesday, the public prosecutor's office announced that the 61-million-euro embezzlement at Caritas was thought to be a case of CEO fraud, or executive phishing. The main suspect's lawyer said his client had been the victim of a scam and had not received a cent. The investigation is still ongoing.