A court case in March 2022 showed that such well-known examples are just the tip of the iceberg. The defendant is said to have stolen around 56 million euros through CEO fraud in Austria alone. The scam causes enormous financial damage in this country. We are currently noticing a new wave of such news.

Criminals research to send targeted messages

One reason why the scam works so well: The fraudsters don't send random messages, but rather write specifically to the right people. To do this, the first step is to research who is the management of a company and who is responsible for accounting and/or transfers. A look at the company website is usually enough - but criminals also try to get this information through calls or email inquiries.

Only after this research do messages arrive in the accounting mailboxes in which the criminals pose as management, ask about the account balance and make urgent payment demands. There are different versions of these emails:

CEO Fraud – Version 1

Good morning,
what is our current account balance?
Today we have to make a payment of 39,145.43 euros.
Greetings
name of the management

CEO Fraud – Version 2

Good morning,
what is our account balance?

Can we pay 47,243.43 euros today? Greetings
name of the management

CEO Fraud – Version 3

Do we have enough money in our accounts to make a foreign payment of 39,472.10 euros today?
It's urgent. Greetings, name of the management

CEO Fraud – Version 4

Hey, are you at your desk?
If you are, let me know. I got something. Thanks!

CEO Fraud – Version 5

Good morning,
Transfer 20,800.00EUR to this account today:
Bank Name: CGD – Caixa Geral de Depositos

Holder’s Name: Unknown Name
Bank Address: Musterstrasse, Lisboa
IBAN: PT50 00xxxxxxxxxxxxxxxxxxxxx
Swift Code: CGDIPTPL Get back to me with confirmation as soon as possible back.
Greetings,
name of the management

The first contact usually remains vague. Only when the recipients respond will concrete requests for transfers to foreign accounts follow. The urgency of the money transfer is once again highlighted. The criminals try to pressure people to act quickly so that the recipients don't think about inconsistencies.

How do you expose the fraudulent email?

  • Check the email address: Although the name of the management is displayed as the sender, the actual sending address is different!
  • Pay attention to the salutation: criminals usually don't know how to communicate within a company. In your company you are addressed as “you” but in emails you are addressed as “you”? Does the message not correspond to normal corporate communication? Such information is an alarm signal!
  • Follow the usual payment processes: A company usually has standardized procedures for transfers. Be skeptical about irregularities

How can you protect your business?

  • Define and communicate standardized payment processes. When transferring larger amounts, we also recommend a multiple-eyes principle.
  • Inform the workforce about the scam. This increases the chance that the fraud will be recognized by all employees.
  • Set up visual distinctions between internal and external communication in the email program. This means that strange email addresses are noticed immediately!

Have you already transferred?

If you have fallen for the CEO fraud, you should contact your bank immediately and describe the incident. Make sure your bank contacts the financial institution that received the transfer immediately. It may still be possible to get the money back. Also inform the police.

Source: Watchlist Internet

Related to the topic: CEO fraud: Fraudsters steal millions from the Erfurt company


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