CEO Fraud is a sophisticated scam where cybercriminals pose as a CEO or other senior executive to trick employees into sending money or sensitive data. These scams often involve urgent, high-pressure requests targeting leaders, finance, accounting, or HR staff, and they cost businesses billions of dollars annually. The FBI’s Internet Crime Complaint Center reported that businesses lost billions to CEO fraud scams, which remain among the top cyber threats, according to their latest 2024 Internet Crime Report. No organization is too small to be targeted, a recent report in Ireland found that local SMEs lost nearly €10 million to CEO impersonation and invoice scams in 2023.
CEOFraud.com specializes in fighting this threat through education, awareness, and early alerts. We work with C-suite executives, boards, accounting departments, and other decision-makers to build a human firewall against CEO fraud. By understanding the tactics and having robust verification policies, your team can stop fraudsters in their tracks.
Our Services
- Employee Training & Workshops: Tailored sessions for finance teams, executives, and staff to recognize CEO fraud attempts and follow proper verification steps.
- Executive and Board Workshops: High-level briefings for C-suite and board members on CEO fraud schemes, risk mitigation, and governance best practices.
- Conference Speaking & Industry Workshops: Expert presentations and panel appearances at corporate events or industry conferences to raise awareness of CEO impersonation scams.
- Educational Content Library: Articles, guides, and case studies that illustrate common CEO fraud techniques and how to counter them, available for continued learning within your organization.
- Early Alert System (Industry/Location-Based): A subscription alert service that notifies members about new CEO fraud trends or scam campaigns emerging in their industry or region. If a wave of impersonation attacks is hitting a particular sector or city, you’ll know early and can prepare.
- Network Alert Email Notices: Join our CEO Fraud Alert Network to receive timely email bulletins whenever we learn of new impersonation tactics or active scam attempts. Our network connects businesses so that if one company observes a fraud attempt, others get a heads-up immediately.
Recent Examples of CEO Fraud
- International Real Estate Scam (Paris, 2022): An international crime ring impersonated lawyers and convinced a company’s CFO to make urgent wire transfers abroad, defrauding a Paris real estate firm of almost €38 million within days. This case highlights how quickly large sums can be stolen through well-orchestrated deceit.
- Deepfake Video Call Heist (Hong Kong, 2024): In a first-of-its-kind case, employees of a Hong Kong company were fooled by a live video conference in which scammers used deepfake technology to digitally impersonate the company’s CFO. Over a series of meetings, the fraudsters tricked a manager into transferring HK$200 million (US$25.6 million) to fraudulent accounts. The incident, uncovered by police, underscores the evolving tactics (like AI-generated voices and video) used to lend credibility to scams.
- Fake CEO Video Meeting Foiled (Global Ad Firm, 2024): Fraudsters even attempted to scam WPP – the world’s largest advertising agency, by using a cloned voice of its CEO in a fake virtual meeting. The impostors set up a bogus video call and, via a deepfake voice and chat messages, asked a senior manager to authorize a confidential transaction. Fortunately, WPP’s staff recognized the red flags and stopped the scheme before any funds were sent. This failed attempt shows that even top corporations are being targeted with cutting-edge impersonation methods.
At CEOFraud.com, our mission is to prevent these kinds of losses by empowering your people. Through awareness and timely alerts, we help ensure that an urgent email or unexpected phone call never catches your team off-guard. By staying informed about the latest fraud tricks and fostering a culture of verification, your organization can confidently thwart CEO fraud schemes. Trust CEOFraud.com to be your partner in vigilance against executive impersonation scams, together, we’ll protect your company’s assets and reputation.