As yet unknown perpetrators are suspected of attempting to defraud a company in Graz (Austria) of almost 79,600 US dollars.

CEO fraud known since 2015

According to findings from the Federal Criminal Police Office (BK), this form of fraud has been known throughout Europe since 2015. Fraudsters pose as supposed company bosses – also known internationally as Chief Executive Officers (CEOs) – and usually contact targets with manipulated email addresses.

The victims are often employees from the office area or from the accounting department of larger companies. As a result, the fraudsters, “disguised” as the boss, order to pay fake invoices or make an unauthorized transaction from a business account.

Company requested to pay invoice

A previously unknown perpetrator contacted a Graz-based company in the chemical and cleaning sectors via email and posed as a high-ranking employee of an external company. The email described the fact that they were looking for new sales partners to simplify the processing of money transfers.

An invoice would soon arrive for $79,600 for various purchased equipment. This sum should be transferred from the Graz company to the external company. To date, however, no account details have been sent and there has been no financial damage.

What are signs of CEO fraud?

The criminal police warn against such scams. Unusual emails or calls, requests for absolute confidentiality or even unusual requests that contradict normal internal procedures are often the first signs of this type of CEO fraud. But pressure and a sense of urgency as well as threats or unusual flattery or attempts at reward should also set alarm bells ringing.

What can you do as an affected employee in the event of CEO fraud?

  • Always check email addresses provided when making sensitive data or money transfers. These usually have at least small differences from the original email address.
  • Strictly adhere to payment and procurement security procedures. Don't skip any steps or give in under pressure.
  • If you have any doubts about a payment, ask the responsible colleagues or contact your boss (alleged email sender) personally.
  • Do not open suspicious links or email attachments. Be particularly careful when checking your private emails on the work computer.
  • Limit information and be cautious about social media.
  • Avoid sharing information about the company's hierarchy, security, or procedures.
  • If you receive a suspicious email or call, always inform your in-house IT department. If you suspect fraud, always contact the police.

Source: State Police Directorate

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