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Fraud Focus | Bogus Boss

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Summary

Executive fraud is on the rise, with the FBI estimating that already in 2016 businesses have lost £1.6bn.

2 min read

Executive fraud is on the rise, with the FBI estimating that already in 2016 businesses have lost £1.6bn as a result of fraudsters purporting to be employees, and requesting that payments are made into money mule accounts.

WHAT DOES IT LOOK LIKE?

  • The fraudster spoofs the email address of a senior executive within a company
  • They send a message from the spoof address to an employee, often someone in the Finance department
  • The message asks for an urgent payment to be made and provides the beneficiary account details – which relate to a money mule account that is controlled by the fraudster
  • The recipient treats the request at face value, perhaps fearing the consequences if they do not follow the executive's instructions, logs into their online banking facility and pays the requested sum straight in to the money mule account

HOW TO PROTECT YOURSELF

See this short film for more insight into the scam, and how you and your business can stay vigilant.
 

DISCOVER MORE AT THE ADAM SECURITY CENTRE

ABOUT ADAM SECURITY

Your protection against fraud is our priority. We are committed to protecting your identity and your funds against fraud, and we work tirelessly to keep you informed of the issues you should be aware of in order to be vigilant

Discover more at the Adam Security Centre