About CEO Fraud

ceo

CEO fraud, probably familiar or maybe unfamiliar to most of you, but this a method is one of the most difficult and fallacious frauds in the moment. Cybercriminals used profiles of CEO’s of various companies to lure and deceived people. But this scam is really profitable to where you can actually invest lesser than usual and gain multiple times. This was also known as Business Email Compromise (B...

CEO fraud, probably familiar or maybe unfamiliar to most of you, but this a method is one of the most difficult and fallacious frauds in the moment. Cybercriminals used profiles of CEO’s of various companies to lure and deceived people. But this scam is really profitable to where you can actually invest lesser than usual and gain multiple times. This was also known as Business Email Compromise (BEC) scam. This time fraudsters do thorough research before attacking, from the company’s employees, profits and a lot more. And according to the reports, there are millions of dollars involving these cases. Some companies filed bankruptcy, employees losing their jobs and businessman’s losing their business. Fraudsters target the company’s employees The cybercriminals portray CEO’s jobs and power. They are making ways for employees to respond on certain matters that were sent through phishing emails. It’s really hard to distinguish whether the emails sent were legit. Believe it or not, they are really careful in the process and they also make sure to make it look realistic. Also, they are commonly using the urgent matters to lure the employees such as requests of fund transfers. As a matter of fact, they are also targeting HR, President, Accounting and a lot more. Since it involves large amount of money, they make sure that the victims fall in to trap to accomplish their goal. Ways to save company from BEC scammers Teaching your employees and expect possible instances. Knowledge is power, so it’s best for your company and yourself to educate your employees what this fraud method is all about, from how they are sending phishing emails and how to identify one. Let everyone know what to do during suspected emails that were sent to them. It’s also best for everyone to know who the possible targets are to prevent devastating occurrences. Authorized fewer employees to confidential matters. Most of the time, fraudsters take advantage of companies with easier access to sensitive information. It is necessary to set boundaries and access to certain data and information about the company. Choose employees who are authorized to fund transfers to decrease unaccredited transfers. Above all, companies with easy access often fall victim. That is why it is important to secure the most important data and info. Developing and implementing the said ways above will definitely help you prevent possible troubles. Never allow criminals profit to what you’re working hard to.