CEO fraud

A scam termed “CEO fraud” or “business email crime” has proven costly for businesses across the globe. According to the FBI, losses incurred from this scam have cost companies more than $2bn (£1.43bn, €1.81bn) over the past two years.

Under their modus operandi, criminals impersonate email accounts of chief executives and ask employees to transfer money to an overseas bank account, which results in the money being lost by the time the company realises it has been duped.