CEO fraud

10 May 2017

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...