Low Risks, Low Costs, and Human Error Set the Stage for Continued Growth of CEO Email Fraud Scams
According to reports released by FBI, more than $3 billion have been lost to CEO fraudsters and approximately 22000 victims in the past three years only. Other analysis reveals that cyber criminals target 400 businesses daily. With such shocking statistics, what has set the stage for the growth of these fraud scams?
After we had analyzed the growth of the CEO email fraud scams, we realized that the trend is likely to grow continuously for an unforeseeable future. We fund that the restrictions and barriers to committing these crimes are low and normally need little technical skills. Note that availability of the executive’s information online will always make it easier for the scammers to create fake emails that are almost similar to those of the employees.
Surprisingly, access to such information is easier because a new generation of executives has technical expertise and tends to update their social media accounts frequently. Some of the senior employees even share their contact information or updates regarding what they are doing. Don’t you think such information can help the fraudsters to know the perfect opportunity of dropping the scam email to the innocent junior employees?
Currently, the chances getting the exact location and identity of these scammers are limited. They can obfuscate and hide the email’s source by using the VPNs (virtual private networks) or anonymous proxy clients. This will make it difficult to find out the person who sends the fraudulent email. With that, it’s difficult to stop these people, and this has been the major factor that has accelerated the growth of these fraudulent activities.
Though technological advancements may promise to prevent social engineering schemes / business email comprise schemes (bec schemes) including the CEO fraud, the lapse of judgment and the human factor is usually the weakest link in the security chain when it comes to preventing the CEO email fraud scams. The fraudsters know this weakness and always on the lookout to victimize one more company.
So, what should you do to ensure your company is safe from these greedy individuals? You can read our post on how to prevent the CEO email fraud scams and you will learn a few ways of keeping your organization immune to such scams. Say it forward and tell at least one colleague today about CEO fraud now you know. Step by step we need to create this new digital world a better and safer place together. Besides, you can subscribe to our newsletter and get updates regarding how to stay safe from such scams. After all, you and us, have the same interest: the last thing we want to hear is news regarding new CEO fraud victim.