Business email compromise, also known as CEO impersonation fraud, is a type of fraud where the fraudster pretends to be a senior executive from your organisation. They will send an email to an employee to try to trick them into doing something, like making a payment to either an existing or new client or supplier.
- The fake emails are well crafted, can be sent from compromised email accounts and may look like they have come from someone you know, generally a senior executive at your company.
- The fraudster usually pressurises you into acting quickly and without thinking.
- Typically, the fraudster instructs you to make an urgent high value payment to a supplier or creditor, and usually includes the payee details, including the IBAN.
- Often the payee account is located overseas.
- The fraudster usually advises in the email that they will not be available for the following number of hours or days, perhaps running to a meeting or catching a flight and that the payment must be sent immediately.
