There is a lot you can do in ten minutes at work: finish that sales pitch for your meeting tomorrow, do some overdue reporting, write a 300-word blog post, and more. But do you ever set aside some time to think about the CEO fraud statistics and how various CEO fraud scams have affected various businesses and how they form a serious risk for your business or company too? Well, let us reveal some details for collected from various trusted online cyber security sources.
In 2015, startups in London were being targeted by fraudsters who were using the contact information of senior employees in an organization to get money or important information from the organization. Such CEO fraud scams were also reported in 2013 and were believed to have originated from Europe. This trend has spread like bush fire and various organizations in the United States, and Europe has been hit.
- Recently, various European nations have suffered Boss Scam or CEO fraud. A Recent report has revealed that 10% of scams in France were as a result of social engineering where the fraudsters claimed to be CEOs of the business. Besides, the IC3 report released by the FBI shows that so far, CEO fraud scams have cost corporations and medium-sized businesses approximately $2.3 billion!
- In 2015, Ubiquiti suffered a loss of about $46 million and Mattel; the toymaker reported a loss of $3 million due to CEO fraud scams. Surprisingly, the CEO fraud attacks have heightened by 270% in the first quarter of 2016. Who knows at what rate will these attacks increase in 2017?
- There is certainly no time like what we have currently. Unlike the cyber security issues, there is no technological response that can effectively eliminate the chances of CEO fraudsters checking in with your business. I know you will summon law enforcement groups, banks, and whoever else you may wish to summon, but will they retrieve the stolen cash? Once the cash is gone, its gone, typically gone for good.
This is the reason we are dedicated to helping. We are warning all businesses, both small and the huge corporations with a complex hierarchical structure of the danger in the corporate world – CEO fraud. It is a disaster, and if you, as the business owner or manager, aren’t vigilant about the issue, you may end up losing business cash.
The number of CEO fraud attacks is scaling heights, and perhaps each day, these fraudsters invent new strategies of sending CEO fraud emails that can’t be suspected. With that, you will need to be more careful.