Cross-border financial crimes: the growth and evolution of "CEO fraud
Many victims of “CEO fraud” (otherwise known as “business email compromise”) are companies involved in cross-border businesses that routinely make international money transfers.
The Federal Bureau of Investigation (FBI) reports that:
- Most of the victims are based in the U.S., but companies from over 100 other countries have been defrauded;
- Although fraudulent transfers have been sent to over 79 different countries, most of the money is sent to banks in the People’s Republic of China (PRC) and Hong Kong (HK); and
- The first 24 hours after the fraudulent transfer are critical.
The following 'Immediate Action Plan' outlines steps to 'freeze' accounts and recover funds...READ MORE