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CEO fraud

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CEO fraud is similar to spear phishing (see preceding section) in that it involves a criminal impersonating the CEO or other senior executive of a particular business, but the instructions provided by “the CEO” may be to take an action directly, not to log in to a system, and the goal may not be to capture usernames and passwords or the like.

The crook, for example, may send an email to the firm’s CFO with instructions to issue a wire payment to a particular new vendor or to send all the organization’s W2 forms for the year to a particular email address belonging to the firm’s accountant.

CEO fraud often nets significant returns for criminals and makes employees who fall for the scams appear incompetent. As a result, people who fall prey to such scams are often fired from their jobs. CEO fraud increased during the COVID-19 pandemic as people worked from home and were unable to verify the veracity of communications with as much ease as they could prior to the arrival of the novel coronavirus.

Cybersecurity For Dummies

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