Online criminals are wise enough to victimized people online. They don’t limit to the low type of people in the social class. That means they are also targeting high type of people in the social class. This includes scamming of owners of some major organization or the worst thing is that they’re going to fraud CEOs. Business email Compromise (BEC) or CEO fraud, a latest trend to achieve the goal of having maximum profit from a minimum investment is now becoming a new and illegal tool. The profitability of this type of scam is high since it only needs to be successful a few times to be highly cost effective for the criminals.
How Fraudwatch International Experts Demistify the Mystery of CEO Fraud?
Simple but strategic technique, tricks, or strategies, that’s what hackers use to avoid raising suspicions regarding with their illegal actions. The said methodologies will likely ensure their victims act as fast as possible, without a second thought or further verifications. Thus, these include the following:
- Spoofing or typosquatting legitimate email addresses, using a domain similar to targeted business’ actual domain.
- Using an urgent tone, requesting that the funds transfer is done “ASAP”.
- Declaring in the bogus email that CFO has a meeting and cannot be disturbed.
- Implying that the sender is using a device to write the email, by using the well known and frequently-used phrase “Sent from Ipad”, in lieu of the corporate email signature.
- Cyber-criminals will make sure they request a legitimate-looking amount for the wire transfer, to avoid raising suspicion; insight they would have gathered during their engineering search.
With this type of attack “fear of the boss” mentality is what the phishers do to scam. Employees may think that they are ineffective if they’re going to deny the order coming directly from potentially the most effective person within their company. Thinking that it is their boss, they follow the orders without knowing that the person giving them the task are cybercriminals. Staffs at finance department are the usual target of this type of cybercriminals. Recent cybercrime reports from FBI are as follows:
- The total loss exceeded 2.3 billion USD.
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Since these criminals are very smart FraudWatch International recommend the below tips:
- Educating the employees
- Employees must have a continuous monitoring of email addresses in their inboxes
- Employees must be aware of any suspicious actions such as requesting fast actions whether they seem unusual or not; especially if the request is not following the normal procedures.
- Use two-factor or multi-level authentication for initiating wire transfers.