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The New Threat of CEO Fraud (Nasir Khan)

The New Threat of CEO Fraud

Imagine you are the financial controller of a small branch of a multi- national organisation. One day out of the blue you receive a confidential email from your CEO based at your HQ overseas, asking you personally to make a transfer immediately into a nominated account.  This is followed shortly by an email from the company's lawyer asking for confirmation that the payment has been made. Your obvious reaction is to deal with the matter immediately and you make the transfer. Unfortunately it's a scam. This is the real life scenario which has seen a number of organisations face losses, £18.5 million in a case highlighted by Action Fraud.

All organisations are being urged to review their internal verification processes and alert their staff to this new threat of CEO Fraud.