A CFO gets an email from her CEO: He is traveling, but needs $10 million transferred to an account to finalize a business acquisition. The CFO knows a deal is in the works, so she approves the transfer. Wrong move! The money is now gone forever. It turns out a fraudster sent the email. Farfetched? Hardly.
This trick — known as “business email compromise” (BEC) — accounted for more than $2.3 billion in stolen money in 2015 alone, the FBI says. The FBI has stated that the scam, known as business email compromise, has cost organizations billions worldwide. And those are only the incidents that have been reported. Thieves typically use email phishing in BEC scams. With the names of company executives typically public, fraudsters search them on Facebook or LinkedIn to find upcoming travel such as a speech at a conference. With the executive away, fraudsters can spoof their email with a financial request that sounds legitimate. We will discuss this fast growing scam with our Guest, Edwin Commet, Founding Director of the US Coalition on today’s episode of George Orwell 2084.