How to Prevent CEO Email Fraud Scams

You can prevent CEO fraud email scams effectively. Now you are this far in reading our anti CEO fraud blog, you are already aware that various businesses have lost millions of dollars to fraudsters, but the question is do you want your business to become a victim? We have been analyzing the possible ways to prevent CEO email fraud effectively. Here are some of the ways that have proved to be helpful to various businesses.

One of the most effective ways of preventing CEO fraud scams is by implementing procedures and policies to handle emails that request wire transfers or confidential information. An effective procedure is by confirming the receipt of the email by a phone call. Note that the scammers can include their phone numbers in the email. Therefore, you must use the phone number listed in the company directory when confirming the identity of the email sender.

Besides, using a two-factor authentication when it comes to approval of the wire transfer is a great idea. In this case, at least two employees will need to authorize the transfer, and this increases the chances of knowing that the transfer request was a scam. This procedure can be implemented across various approval stages and is also called the four eyes principle.

Note that training your employees about the chain of command in your organization will help them to know when a request hasn’t followed the right chain of command. Also, you should make sure that they know and can verify the company contact details, the contact details of their seniors, and more. This can help them to compare the email address of the fraudsters and the real email address of their seniors and get the difference. Make sure that the junior employees can contact their seniors on the phone to confirm the requests. Do remember that also your CEO and other levels of senior managers need to stick to the company policy and financial ruling, hence each shortcut or non standard request should make you suspicious by default in today’s context.

Cybercriminals tend to monitor and analyse all sorts of information regarding the CEOs and other senior employees online especially on social media. One way of making it difficult for them to know your employees well is by minimizing the availability of confidential data on social media. The employees shouldn’t include their work contact information including phone numbers and emails online. Besides, company leaders should minimize mentioning current and future whereabouts on social networks – although this is difficult for public speakers.

Being careful and cautious will make it harder for the scammers to find any information that may help them to know whereabouts and the work emails of the senior employees. Don’t forget to have a firewall and strong e-mail spam filters on your company servers, computers and other devices that your employees use when exchanging the company information to make it hard for the scammers to hack into your systems. Read more about sophisticated IT solutions like CEO Fraud Email Spam Filters and Secure Email Gateways to protect your company in our next topic.


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