Be wary of emails from high-ranking executives asking for money, they're probably a fraud
OTTAWA, June 21, 2017 /CNW/ - You receive an urgent email from your CEO requesting money to secure a major business deal. It looks legit. Sure, it's not normal procedure, but time is of the essence and you can't let your boss down. What if the future success of the company is in your hands? Do you transfer the money?
Don't fall for it. It's a scam.
In a typical "fake CEO scam," fraudsters gain access to a high-ranking executive's email account, or create a similar email address, and target employees in financial positions within the organization who have the authority to move money. They send realistic-looking emails, requesting urgent wire transfers for what appears to be legitimate business reasons, like "securing an important contract," "a confidential transaction" or "updating a supplier's payment information."
They often send the targeted fraudulent email when executives are travelling abroad or otherwise difficult to reach.
Believing that the request is real, the employee transfers the money—only to find out upon the boss's return that the email was a scam and the money is gone.
Losses to this type of scam typically range from tens of thousands to millions of dollars. The fake CEO scam is a growing global threat to businesses and organizations of all sizes.
Use these tips to help keep fraudsters out of your business:
If you've been the victim of a CEO scam or if you have information about this type of scam, report it to the Canadian Anti-Fraud Centre (1-888-495-8501), the Competition Bureau (1‑800‑348‑5358) or the RCMP.
Related Information
More Consumer and Business Alerts
More information about e-mail fraud and "phishing"
More information about the fake CEO scam also known as Wire frauds
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SOURCE Competition Bureau
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