CEO Impersonation Fraud

 A guest blog post from Ken Feast of RBS Invoice Finance


CEO Impersonation Fraud

We are currently seeing more and more attempts by sophisticated fraudsters to trick clients into sending their money out of their accounts on the back of emails that on the face of it appear to come from their own Directors/Owners.
 
This is known as CEO impersonation fraud and works something like this:
 

• FC/Admin receive email from Director/MD/CEO usually asking admin to send money to new supplier and quoting amount to send e.g. £5k along with details of the bank account to send the payment to
• However the email has come from a cloned system operated by the fraudster and not the Director/MD/CEO
• FC/Admin send the payment which the fraudster sees appear in his/her bank account
• Fraudster knows the attempt is successful and sends a follow up email asking to send further funds (e.g.£50k)

 
Be vigilant and have a password system or other fail safe method to check out whether the instruction really has come from where it looks to have come from.
 
Stay safe and if something doesn’t feel right have the courage to question it…
 
Remember the fraudster only needs to get lucky once.

If you wish to talk about your current invoice finance arrangements or are looking to grow your business and want to know how RBS Invoice Finance may be able to help please give me a call on 07717807935 or contact me at ken.feast@rbsif.co.uk

Best regards
Ken.