On Sep. 17, BEL FEB informed of CEO fraud prevention.
BEL FEB informed of prevention of CEO fraud which is based on social engineering.
Main Points
The scam involves impersonating a company executive to trick an employee authorized to make company payments, with the goal of getting them to pay a fake invoice or make an unauthorized money transfer, using psychological manipulation techniques.
Fraudsters conduct extensive research on their target re the company's organizational chart, the manager's habits, current projects, suppliers, and vocabulary used.
Professional social media, company websites, and press releases are all valuable sources of information, some steal phone numbers, create similar emails, and use AI.
Beyond the direct financial loss, victimized companies suffer indirect costs: legal fees, time spent on proceedings, impact on brand image, deterioration of internal trust.
Prevention methods include personnel training on manipulation techniques and establishment of a culture of benevolent distrust; limitation of information online.
Strict procedures for transfers, e.g., mandatory double validation, verification by telephone with the originator by calling back on the official number, progressive authorization thresholds; no urgent transfer should be made without prior validation.
Effectiveness
BEL FEB is organizing a conference on corporate fraud on Oct. 21, 2025.
