How this scam works
With CEO fraud the scammer calls you or sends an email impersonating a senior company executive (e.g. a CEO) demanding an urgent payment, while referencing a sensitive situation, such as a tax audit, merger or acquisition.
The scammer is usually familiar enough with the internal structure and organization of the company, and requests that you bypass the usual processes to authorize payment.
This way, they trick you into transferring money to an account held by the scammer.
What the telling signs are
Cross-border payments
With many scams, the request involves cross-border payments to banks outside Europe.
Sudden call or email
The scammer unexpectedly calls or sends you an email.
Suspicious expressions
The scammer requests that you do not share the payment information with anyone, using wording such as: “The company trusts you” or “I am unavailable at this time.” They may also threaten you or promise some reward.
Unusual request
The request does not follow the rules for internal authorization processes.
Direct communication with your superiors
The scammer impersonates a superior with whom you do not normally communicate directly.
How to protect yourself
If the company is yours, you must:
- Be aware of the risks and make sure your employees are well-informed and cautious when making payments.
- Implement a specific payment protocol and a specific process for verifying payment requests received via email.
- Establish a procedure for submitting reports in case of fraud.
- Screen and limit the information posted on your company’s website, and be particularly cautious with social media posts.
- Keep you technical security software up to date.
If you work for the company, you must:
- Strictly implement all security protocols for payments and commissions. Never bypass any steps in the process.
- Verify email addresses when handling sensitive information or transferring money.
- Communicate with the employee in charge if you have doubts about a payment.
- Be especially cautious with links. Never open suspicious links or attachments.
- Limit the information you share about the company and be especially cautious of what you post on social media.
Learn more about CEO fraud / Business email compromise.
