CEO fraud on the rise

29 Feb 2016 Richard McBarnet
Action Fraud cybersecurity services - Lumina Tech

The latest figures released by the National Fraud & CyberCrime Reporting Centre show a marked increase in the number of CEO fraud.

So what is CEO fraud?

CEO fraud scams involve an email being sent to a member of staff in a Company’s finance department, purportedly from the CEO or other senior staff member, requesting an urgent transfer of funds to a specific bank account. The fraud works because the email appears to come from a legitimate superior and the staff member is used to fulfilling requests.

How to protect against it.

The best defence against fraud is to educate your staff. A few simple measures that can make a significant difference include:

  • Ensure all staff are aware of these types of scam, not just finance staff.
  • Always be suspicious of any email requesting financial details, transfers or account credentials.
  • Verify any such request by contacting the purported member of staff through a known communication channel, e.g. their mobile, direct dial or email. Don’t rely on any contact details included in the email.
  • Look for tell-tale give-aways in the email such as poor grammar, misspellings, incorrect information.
  • Keeping computer systems up to date with anti-virus and anti-malware software.

If you would like to know more about this and how our Managed Security Services can help protect you please get in touch or email