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CEO fraud is on the rise!

CEO fraud is not a new phenomenon but recently CERT.be has been receiving more reports about this type of scam. The Centre for Cyber Security Belgium warns companies to be alert for CEO fraud.

CEO fraud is a type of scam where cybercriminals contact a company asking them to make a significant payment into their bank account. The cybercriminals assume the identity of a CEO, CFO or a trusted person and ask an employee of the financial department or accounting department to make an urgent payment. There is a risk that the employee who is under pressure or who is not sufficiently familiar with the procedures will make the payment.  

It looks like cybercriminals are increasingly trying to make their move during the holiday period.  They count on reduced vigilance on the part of employees during the summer months or hope that a replacement is less familiar with the applicable procedures.

Companies that have been approached by CEO fraudsters can report this at [email protected]

In a publication of CERT.be you can read how to identify and prevent CEO fraud.