CEO Fraud, also known as Business Email Compromise (BEC) is one of the most financially damaging types of cybercrimes around. Over the years it has claimed more than 78,617 organisations globally, and is responsible for the loss of over $12.5billion (£9.6million) since May 2018. No doubt this figure will only increase. This type of online crime has ruined many executives and employees careers. CEOs have lost their job and position because of it. Stock prices have collapsed. IPOs or company mergers have been halted as a consequence. So what exactly is this cybercrime?
What is CEO Fraud?
CEO Fraud, Business email compromise (BEC), Bogus invoice scheme, Employee Account Compromise, or Man-in-the Email scam. Whatever name you know it as, it has the same meaning. CEO fraud is a form of spear phishing where cybercriminals either impersonate the CEO or any high authority position of a company. As the FBI define it, it is a “sophisticated scam targeting businesses working with foreign suppliers and/ or businesses that regularly perform wire transfers.”
How does it work?
Cybercriminals pick a particular business, and target the C-Level positions within the company. They impersonate the C-Level position to trick employees into carrying out actions that risk company data or credentials. At the heart of every CEO Fraud attack lies the motive to move money from the company’s account into the Scammer’s account. CEO fraud attacks often appear in four methods.
As the consequences of CEO Fraud are so high, it’s really important for business owners to stay on stop, and understand exactly how this crime is committed. Therefore, to give you an understanding, download the “CEO Fraud –Every business leaders’ manual to fighting this cybercrime”.
This Free Guide will provide you with an overview of how CEO Fraud works, the types of professionals it targets, and equip you with knowledge on how to combat it.