The company’s accounting department contacted by a person posing as the CEO of the Group to transfer a large sum of money
April 20, 2024
Foiled millionaire online scam to the detriment of an important Venetian company. What made the rescue possible was the report of a company manager, who immediately activated the company’s investigations Verona police. The staff ofThe company’s accounting department had been contacted by the self-styled CEO of the Group and, in the belief that he was communicating with the top management of the industrial group, induced to make transfers to a foreign current account for a total amount of more than one million euros. “This is – the police underline in a note – a scam which is usually also perfected through web profiling and analysis of the social accounts of the Company’s managers and employees, with the acquisition of valuable information on dynamics and corporate relationships”. The Postal Police, having received the report, immediately activated international police cooperation channels through the Financial Information Unit of the Bank of Italy, blocking the transaction and returning the large sum of money before the actual transfer to foreign accounts , thanks also to the timeliness of the reporting and the speed of intervention of the specialized operators.
The mechanism of the scam, known as “CEO Frauds”
There fraud perpetrated against the Scaligera company falls into the category of so-called “CEO Frauds”, also known as “boss scams” or “CEO scams”, among the most dangerous cyber attacks for companies, which can cause not only economic but also reputational damage to the companies and managers involved. In this criminal scheme – it is explained – a person who is in a top position within a corporate organization and who has spending powers is contacted by a fraudster who, impersonating the CEO of the company and representing the need for an immediate transfer of funds induces him to transfer a large sum of money, normally to a foreign account. A type of scam that is very insidious and difficult to recognise, because it is normally preceded by careful preparation activities, consisting of study and in-depth analysis of the target company, a so-called activity. of “social engineering” which allows criminals to have names and references on the structure, such as to make the proposed emergency situation credible.
To recognize and prevent this scam, the State Police recommends paying attention to the receipt of emails or phone calls urgently requesting the payment of a sum of money into current accounts other than those normally used, and requests to arrange urgent payments, perhaps with procedures different from those normally followed and to be carried out with absolute confidentiality. If you receive suspicious emails or phone calls, contact the person the scammer is trying to impersonate through a different and secure communication channel within the company organization, asking for confirmation of the situation presented. Prepare procedures within the corporate organization for accounting staff that allow the need for the transfer of funds to be ascertained with certainty.
