CEO Fraud: Companies have lost Billions, is your Organization Safe?

Probably you have heard about social engineering, the most popular and oldest scam approach that apperently and unfortunately seems still to work quite well. Now we have moved to the cyber age, where our research and development data, financial records, our social life, and more exist more or less all in a digital manner and is accessible via online channels. It is important to be keen and ensure that such information doesn’t fall into the hands of fraudsters. But too frequently it does lands in the hands of fraudsters and is expected to keep increasing on the short-term!

These conmen and women have turned to corporate and businesses via white-collar crime. Recently, business was duped over $17 million by an individual who claimed to be the corporation’s CEO. Besides, Leoni AG in Germany lost close to 40 million Euros in an unexplainable fraud scam, and FACC AG was tricked and lost 52 million Euros! With such stats decorating the headlines, how safe is your organization actually?

We shouldn’t forget that most companies have availed their business data online. Today, you will find employee information, financial information, contact information of both the employee and the company online. Fraudsters tend to glean employee names and their contact information from professional networks such as Xing.de and LinkedIn. Don’t you think attackers with such information won’t target the corporation in question?

So far, I have noticed something unique about the CEO fraud attack – the fraudsters use very simple techniques. They will not hack into the corporate bank systems and transfer money or storm into your business and rob you at gun point. Instead, the scammers create an email similar to your company emails and then try to lure your clients or play some tricks on your employees. In some instances, they hack into a senior employee’s email accounts and then find an effective way to execute the scam!

With such simple and hard-to-notice attacks, is your company protected against CEO fraud scams? Are your employee’s email accounts and server protected with the latest spam filter updates able to detect and counter these hacks and is your business data safe from malicious use by the fraudsters?

We are an independent consortium of technology nerds, security experts and business leaders with a vision to stop CEO fraud attacks. This thing is real and we mentioned earlier in this article two international companies that lost huge chunks of money to fraudsters. Therefore, you need to reexamine, analyze, find the loopholes that fraudsters can use, and then come up with an effective strategy to ensure that your company won’t become a CEO fraud victim. After all, the last thing we want is another company losing income to fraudsters.

 

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