CEO fraud is usually the impersonation of the top management of a certain company, the reason for it is to divert specific payments for different goods and services into a scam bank account. Fraudsters usually target the company’s department that deals with financial procedures of the employees and financial procedures of a company dealing with the stakeholders, these people can precede this whole fraud via an email or simply over the phone which usually happens.
The CEO fraud is increasing to the hype day by day for the past couple of years and various companies have lost millions of euros over these CEO fraud attacks, This is quite serious companies must do something about such attacks.
Two Types of Attacks
Generally there are two kinds of CEO fraud attacks, first is phishing and second one is spear phishing. These types of attacks will be described one by one down below,
Phishing Attack
In phishing attack the fraudsters prepare a set of specific designed e-mails and then these fraudsters send these e-mails to multiple numbers of people over the internet, basically what these e-mail contain, are the malware and virus attachments that if these e-mails will be opened, the malware will get in to the CEO’s computer and that can result in a fraction of secure and sensitive data loss but these attacks can be easily stopped by some basic e-mail spam filters. The real problem is the next attack.
Spear Phishing Attack
Spear phishing on the other hand are specifically designed to fraud with specific group of chief executive officers of the specific companies. Spear phishing attacks are very hard to spot, because they just look like regular e-mails and the information on them looks quite legit but technically it isn’t. These attacks can lead to massive financial loss for the companies as mentioned above in the first starting paragraph of the overview. Billions of billions of dollars are lost by the CEOs and other TOP management of the various companies all around the world.
Prevent CEO Fraud
One of the best companies that perform such attacks prevention services on reliable means is Fraudwatch International. This website has been providing highly effective and reliable services for multiple organizations all around the world. The Fraudwatch International can do all the preventions of the phishing attacks at any of the company’s website and even if someone ever tries to conduct CEO fraud, this company can do the prevention job for you.
