Scam, CEO=”Chief Executive Officer”, German board member or managing director, Fraud=Fraud

The attackers first research the managing directors and accounting staff. By e-mail with a forged sender address (supposedly from the managing director), an accounting employee is then instructed to transfer a larger sum abroad in an urgent, confidential matter.

This works particularly well when the managing director is on vacation and provides information via social media from which a plausible story can be constructed.

In total, this scam has caused over 2.8 billion euros in damage to companies, according to the FBI.

You are also welcome to read our blog article “CEO Fraud Protection” and learn more!